Shares of Adani Green Energy rose over 4 per cent today amid reports that the Gautam Adani led firm is planning to raise $1 billion via green bonds. Adani Green Energy stock rose 4.52 per cent to Rs 2,229.1 against the previous close of Rs 2,132.65 on BSE. The stock opened higher at Rs 2,150 amid a rally in the broader market.
Adani Green Energy stock is trading higher than 5 day, 100 day and 200 day moving averages but lower than 20 day and 50 day moving averages. In a year, the stock has gained a huge 82.54 per cent and risen 67 per cent in 2022. Total 0.38 lakh shares of the firm changed hands amounting to a turnover of Rs 8.38 crore on BSE.
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The market cap of the firm rose to Rs 3.58 lakh crore. The stock hit its 52 week high of Rs 3048 on April 19, 2022 and a 52-week low of Rs 1106 on October 29,2021. In the last four trading sessions, the stock has gained 11.23 per cent taking into account today’s intraday high of Rs 2,229. The rally in the stock came after the Adani Group firm on September 29 said it has commissioned the world’s largest wind-solar power plant of 600 MW capacity in Jaisalmer, Rajasthan.The stock closed at Rs 2,004.50 in the same session.
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Buoyed by the development, shares of Adani Green Energy zoomed 20 per cent intra day to Rs 2,405 on September 30. The plant in Jaisalmer has a power purchase agreement with Solar Energy Corporation of India (SECI) at Rs 2.69/kwh for 25 years.
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Adani Green Energy Limited (AGEL) is engaged in renewable power generation and other ancillary activities. The company develops, builds, owns, operates, and maintains utility-scale grid-connected solar power, wind power, hybrid projects, and solar parks. It serves markets such as local, state, and national with approximately 70 locations across states in India.
Meanwhile, the upside in the stock was supported by an across-the-board market rally. Sensex zoomed 279 points to 58,344 and Nifty climbed 89 points to 1,7363 in Thursday’s trading session.