This Adani Group stock zoomed 100% in 17 trading sessions

Adani Green Energy (AGEL), an Adani Group company, is locked in the upper circuit for the fourth straight day, rising 10% to Rs 51.20. The stock has rallied more than 100% in past 17 trading days on the BSE and is trading at its highest level since its debut on the bourses on June 18, 2018.

Since July 2, 2018, Adani Green Energy has seen its share price zoom 104% from Rs 25.05, after the exchanges permitted the trading in the equity shares of the company under ‘B’ group from ‘T’ group. On comparison, the S&P BSE Sensex was up 4.5% during the same period.

Till 11:28 am; a combined 899,184 equity shares changed hands and there were pending buy orders for 642,596 shares on the BSE and NSE.

The increase in price of the shares is purely market driven, ADGL said in regulatory filing on BSE on clarification with reference to increase in price.

Pursuant to the scheme of arrangement between Adani Enterprises Ltd (AEL) and AGEL, renewable power undertaking of AEL has been transferred to and vested in AGEL. In consideration of the demerger, AGEL  allotted 761 fully paid up equity shares of Rs 10 each of AGEL shall be issued and allotted for every 1000 fully paid up equity shares of Re 1 each held in AEL.

AGEL develops, builds, owns, operates and maintains utility scale grid connected solar and wind projects. The electricity is supplied to central and state government entities and government backed corporations. AGEL has a portfolio of 36 operational and 3 under-construction projects, contributing substantially to India’s renewable energy journey.

By the end of this year Adani Group will be above 2 GW of solar installed capacity making the company the largest player in India’s renewable energy sector in various states. Till now the company has generated 1472 GWH of solar energy from above plants which have reduced CO2 emission by 650590 MT, the company said in a press release.

The Government has released a roadmap to achieve 175 GW capacity in renewable energy by 2022, which includes 100 GW of solar power and 60 GW of wind power. This creates immense growth potential for renewable energy companies in the country. We at AGEL have built the necessary capabilities to participate in this growth story and are optimistic about contributing to the Centre’s renewable energy goals, AGEL said in annual report.

 


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel