Shares of Adani Green Energy zoomed 20 per cent in afternoon session amid a broader recovery in markets after the renewable energy firm said it has commissioned the world’s largest wind-solar power plant of 600 MW capacity in Jaisalmer, Rajasthan. Adani Green Energy stock zoomed 20 per cent intraday to Rs 2,405 against the previous close of Rs 2,004.50 on BSE. At 1:15 pm, the Adani Group stock was trading 13.5 per cent higher at Rs 2,275 on BSE. It has gained after seven days of fall.
The stock trades higher than 5-day, 100-day and 200-day moving averages but lower than 20-day and 50-day moving averages. The share has gained 97.79 per cent in one year and risen 71 per cent since the beginning of this year. Total 2.64 lakh shares of the firm changed hands amounting to a turnover of Rs 57.52 crore on BSE. Market cap of the firm surged to Rs 3.59 lakh crore on BSE.
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The stock hit a 52-week high of Rs 3,048 on April 19, 2022 and a 52-week low of Rs 1,106 on October 29, 2021. The plant in Jaisalmer has a power purchase agreement with Solar Energy Corporation of India (SECI) at Rs 2.69/kwh for 25 years.
“This hybrid power plant has been implemented with cutting edge technology, consisting of 600 MW Solar and 150 MW Wind plants. The solar plant uses technologically superior Bifacial PV modules and employs Horizontal Single-Axis Tracker (HSAT) technology to capture maximum energy from the sun.The co-located Hybrid Power Plant shall not only reduce intermittency of RE power, but shall also help the nation in optimal utilisation of transmission network,” the firm said in a communication to bourses.
Additionally, sentiment was boosted around the stock as the Adani Group plans to invest $100 billion over the next decade, primarily in the green energy space.
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On September 27, Adani Group chairman Gautam Adani said that alongside energy transition and digital opportunities, his group will also focus on aerospace and defence, metals, and petrochemicals. Adani also claimed that India could one day become a net energy exporter, thanks to green hydrogen.
Meanwhile, the stock was also supported by an across-the-board market recovery after RBI raised the repo rate by 50 bps. Sensex zoomed 1,015 points to 57,424 and Nifty climbed 293 points to 1,7111 post the RBI policy, snapping a seven-day losing streak.