Adani Green Energy gains for 10th straight day, zooms 209% in 3 months

On June 9, 2020, Adani Green Energy said that it had bagged "the world's largest solar tender" from the Union government.

Renewable Energy, solar, wind, clean, green
The stock of the Adani Group renewable energy arm, which was trading at its new all-time high level, has appreciated 209 per cent in the past three months.
SI Reporter Mumbai
2 min read Last Updated : Jun 17 2020 | 10:38 AM IST
Shares of Adani Green Energy were trading higher for the 10th straight day and were frozen at 5 per cent upper circuit of Rs 381.55 on the BSE on Tuesday in an otherwise range-bound market.

The S&P BSE Sensex was up 0.14 per cent at 33,651 points at 10:02 am. Around 960,000 equity shares changed hands so far and there were pending buy orders for 300,000 shares on the BSE and NSE.

The stock of the Adani Group renewable energy arm, which was trading at its new all-time high level, has appreciated 209 per cent in the past three months. In comparison, the benchmark index was up 10 per cent during the period.

On June 9, 2020, Adani Green Energy said that it had bagged “the world’s largest solar tender” from the Union government to construct an 8-gigawatt (Gw) photovoltaic power plant and set up a 2 GW solar cell and module manufacturing capacity in five years. This would entail an investment of Rs 45,000 crore at a time when companies in almost all sectors are looking to cut down capital expenditure.

With this win, the company is now the largest renewable power generator in the country with 15 Gw of renewable capacity under various stages of development. It is followed by ReNew Power with an 8.5-Gw capacity and Azure Power with a 6.5-Gw capacity.

Adani Green, so far, has 2.5 Gw of operational and 3.5 Gw of under-construction solar and wind power capacity in the country. It also has 1.3 Gw of solar cells and modules manufacturing capacity.

Meanwhile, Adani Green reported an improvement in operational performance with Ebitda (earnings before interest, taxes, depreciation, and amortisation) margin increasing to 91 per cent in March 2020 quarter from 89 per cent in December 2019 quarter.

The company posted a profit before exceptional items of Rs 75 crore as compared to a loss of Rs 94 crore in the previous quarter. Revenue from power generation increased by 10 per cent to Rs 601 crore due to an increase in an operational capacity, the company said.

Topics :Adani Green EnergyBuzzing stocksMarkets Sensex Nifty

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