Wednesday, Jul 06, 2022
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Adani Green Surges 9%; Hits 52-Week High After Becoming The Tenth Most Valued Firm

At 11:24 am, stocks of the company advanced 5.1 per cent to Rs 2,841.

File Photo.
File Photo.

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.  

At 11:24 am, stocks of the company advanced 5.1 per cent to Rs 2,841.

On Tuesday, the company also released operational results for the January to March quarter of FY2022. According to the regulatory filing, the total operational capacity of the company increased by 56 per cent year-on-year (YoY) to 5,410 MW compared to 3,470 MW for the same period last year. The sale of energy units increased by 84 per cent YoY to 2,971 million units in the March quarter compared to 1,641 million units for the same period in FY21. 

For the company’s solar portfolio, CUF increased by 210 basis points(bps) at 26.4 per cent year-on-year compared to 24.3 per cent for the same period last year. The sale of energy for the solar portfolio increased by 83 per cent to 2,717 million units compared to 1,482 million units for the same period in FY21. 

For the company’s wind portfolio, the CUF increased by 140 bps at 23.6 per cent compared to 22.2 per cent for the same period a year ago. The sale of energy for its wind portfolio was up 92 per cent at 254 million units, compared to 132 million units for the same period in FY21. 

Last week, the company, along with Adani Enterprises and Adani Transmission entered into a $2 billion investment deal with Dubai-based International Holding Company (IHC). According to the Adani Group, “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).”

IHC will invest $500 million as primary capital on AGEL.

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