Adani Green Energy’s stock has been investors’ hot favorite in the green energy segment. The company’s focus on renewable energy has seen it become a preferred bet of the market with gains of 1,415 percent since April 2020.
Shares of Adani Green Energy, a subsidiary of Adani Group surged as much as 9 per cent to hit a 52-week high of Rs 2,951 after the company became the 10th most valued firm, leaving behind Bharti Airtel. Adani Green’s market capitalization now stands at Rs 4.22 lakh crore.
Adani Green Energy Ltd has added 56.5% over the last month compared to a 24.34% gain in the S&P BSE Power index and a 5.52% rise in the SENSEX.
This stock gained 7.69% today to trade at Rs 2909.4. The S&P BSE Power index is up 2.04% to quote at 4878.14. The index is up 24.34 % over the last month.
Among the other constituents of the index, Adani Transmission Ltd increased 4.33% and Adani Power Ltd added 1.58% on the day. The S&P BSE Power index went up 106.66 % over the last year compared to the 22.41% surge in benchmark SENSEX.
Adani Green Energy Ltd has added 56.5% over the last month compared to a 24.34% gain in the S&P BSE Power index and a 5.52% rise in the SENSEX.
On the BSE, 84009 shares were traded on the counter so far compared with average daily volumes of 76800 shares in the past month. The stock hit a record high of Rs 2951.9 on 12 Apr 2022. The stock hit a 52-week low of Rs 860.2 on 11 Aug 2021.
Other Investments
A total of 3.12 lakh shares of the firm changed hands amounting to a turnover of Rs 89.12 crore on BSE. The market cap of the firm surged to Rs 4.33 lakh crore on BSE. The stock hit a 52-week low of Rs 860.20 on August 11, 2021.
On Monday, the company surpassed Bharti Airtel to enter the top-10 list by market cap on BSE. The positive sentiment behind the stock can be attributed to Abu Dhabi-based conglomerate International Holding Company’s announcement on April 8. It would invest $2 billion or Rs 15,400 crore in three of the Adani Group companies.
IHC will invest Rs 3,850 crore in Adani Green Energy Ltd (AGEL), Rs 3,850 crore in Adani Transmission Ltd (ATL), and Rs 7,700 crore in Adani Enterprises Ltd (AEL). The transactions are expected to be completed within a month.
The capital will be used to pursue the growth of the companies as well as to strengthen the balance sheet and general corporate purposes, Adani Group said.
Adani Green Energy reported a 13.9 per cent rise in consolidated net profit at Rs 49 crore for the quarter ended December 31, 2021. The company posted a net profit of Rs 43 crore in the year-ago period.
