Adani Green trades firm in weak market; stock zooms 94% in 13 days
Shares of Adani Green Energy (AGEL) surged 4.4 per cent to Rs 853 in Monday’s intra-day trade and extended its two-week rise in an otherwise a weak market, amid heavy volumes. The stock of power generation company traded higher for the fourth straight day as it rallied 21 per cent, during the period.
At 02:33 pm; shares of AGEL was up 2.4 per cent to Rs 836.55, as compared to 0.92 per cent decline in the S&P BSE Sensex.
The average trading volumes on the counter nearly doubled as around 6.9 million shares changed hands on the NSE and BSE.
In the past 13 trading days, the stock bounced back 94 per cent from its 52-week low level of Rs 439.35, which it had touched on February 28, 2023. However, the stock was down 72 per cent from its record high level of Rs 3,048, which it had hit on April 19, 2022.
AGEL is a renewable energy platform from the Adani Portfolio. The company has one of the world’s largest renewable portfolios, with locked-in growth of 20.4 gigawatt (GW) across operational, under-construction, awarded, and acquired assets, catering to investment-grade counterparties.
Moreover, the company develops, builds, owns, operates, and maintains utility-scale grid-connected solar, and wind farm projects. AGEL is focused on decarbonisation of power generation and is helping India meet its sustainability goals.
On March 2, 2023, GQG Partners, a leading US based Global Equity investment boutique, announced the completion of a Rs 15,446 Crore ($1.87 billion) in a series of secondary block trade transactions in the Adani Portfolio companies – AGEL, Adani Ports and Special Economic Zone, Adani Transmission and Adani Enterprises.
GQG Partners had purchased 55.6 million equity shares of AGEL for Rs 2,806 crore at around Rs 504.60 per share.
Meanwhile, with the successful operationalisation of the 700 megawatt (MW) plant at Jaisalmer in Rajasthan, the world’s largest wind-solar hybrid power plant, AGEL now has the largest operating renewable portfolio in India with 8,024 MW. The plant is housed under AGEL’s 100 per cent subsidiary, Adani Hybrid Energy Jaisalmer Four.