Adani Green Energy Soars 6% After Commissioning Wind-Solar Hybrid Project in Gujarat – News18
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Adani Green Energy shares surged by 5.7% to reach a high of Rs 1,065 on the BSE today; Key points for investors
Adani Green Energy Stocks Rise
Adani Green Energy shares surged by 5.7% to reach a high of Rs 1,065 on the BSE today, following the announcement from Adani Renewable Energy Forty-Eight Limited, a subsidiary of Adani Green Energy Limited (AGEL), about the commissioning of a 57.2 MW wind power component of its wind-solar hybrid project in Khavda, Gujarat.
In the previous session, Adani Green Energy closed 13.22% higher at Rs 1,007.55 on the BSE, with a market capitalization of Rs 1.59 lakh crore. The stock saw a total of 14.20 lakh shares traded, resulting in a turnover of Rs 140.31 crore.
Despite today’s gains, the stock is down 41% over the past year and has fallen 43.19% in the last three months.
The stock hit a 52-week high of Rs 2,173.65 on June 3, 2024, and a 52-week low of Rs 870.90 on November 27, 2024. With a high beta of 1.7, the stock has exhibited significant volatility over the past year.
The relative strength index (RSI) for Adani Green Energy is currently at 26.2, indicating that the stock is in the oversold zone. While it is trading above the 5-day and 10-day moving averages, it remains below the 50-day, 100-day, 150-day, and 200-day moving averages.
Adani Green Energy announced on Tuesday that the total operational renewable generation capacity of AGEL has now increased to 11,666.1 MW with the commissioning of the new wind power plant. The plant is set to begin power generation from January 15, 2025.
In December, Adani Green Energy also launched a new wholly owned subsidiary, Adani Green Energy Sixty-Eight Limited (AGE68L), with a capital of Rs 1,00,000. The subsidiary’s primary focus is to generate, develop, distribute, and supply power through renewable energy sources such as wind and solar.
For its fiscal second-quarter earnings in October, Adani Green Energy reported a net profit of Rs 515 crore, a 39% year-on-year increase from Rs 371 crore in the same period last year. The company’s total income grew by 30.4% to Rs 3,376 crore, compared to Rs 2,589 crore in the previous year. However, total expenses also increased by 31.3% year-on-year, reaching Rs 2,837 crore.
As per Trendlyne, the average target price for Adani Green Energy shares is Rs 1,966, suggesting an upside potential of 95% from the current market price. The consensus recommendation from four analysts is a ‘Buy.’
