New Delhi, Aug. 21 -- Shares of billionaire Gautam Adani-owned Adani Power have strongly defied Indian stock market weakness, surging nearly 71% over the last year, and it appears it is ready to extend gains further after an appellate Tribunal's favourable ruling.

On Friday, 21 August, the stock inched up about half a per cent in morning trade on the BSE, looking set to snap its two-day losing run after the Appellate Tribunal for Electricity (APTEL) ruling in the company's favour.

In an exchange filing on 20 August, Adani Power said APTEL set aside the Maharashtra Electricity Regulatory Commission's (MERC) earlier order, directing MERC to issue consequential orders and recompute the company's Change in Law compensation, based on APTEL's...