Adani Green Energy shares in news today after subsidiary commissions solar power project in Bikaner – Business Today

Shares of Adani Green Energy Ltd are in news today after the Adani Group firm’s wholly owned stepdown subsidiary Adani Solar Energy Jaisalmer Two Private Ltd. completed the commissioning of entire 150 MW solar power project at Bikaner, Rajasthan. Adani Green Energy shares ended 0.15% higher at Rs 960.75 on Friday against the previous close of Rs 959.30 on BSE. Market cap of the firm rose to Rs 1.52 lakh crore. Total 0.19 lakh shares changed hands amounting to a turnover of Rs 1.83 crore.
The Adani Green Energy stock opened higher at Rs 960 in the previous session. Adani Green Energy shares have lost 56.38 per cent in a year and fallen 49.14 percent since the beginning of this year. The stock had low volatility with its beta at 0.9 in the last one year. The large-cap stock hit a 52-week high of Rs 2259.15 on November 9, 2022 and a 52-week low of Rs 439.35 on February 28, 2023.
In terms of technicals, the relative strength index (RSI) of Adani Green Energy stands at 39.4, signaling neither the stock is overbought nor oversold. Adani Green shares are trading lower than the 5 day, 20 day, 50 day, 100 day, 200 day but lower than the 150 day moving averages.
The project has been commissioned as independent power producer for sale to third parties or on power exchanges.
After the commissioning of this plant, Adani Green Energy’s total operational renewable generation capacity has risen to 8,404 MW.
“This places Adani Green Energy’s total renewable portfolio well on track to reach its vision of 45 GW capacity by 2030”, said the firm in a filing to the exchanges.
Adani Green Energy reported a 51% year-on-year (YoY) rise in its consolidated net profit at Rs 323 crore in the June 2023 quarter against a net profit of Rs 214 crore in the corresponding quarter last year. Other income of the company rose to Rs 228 crore during the June quarter from Rs 66 crore in the year-ago period.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) in Q1 rose to Rs 2,081 crore from Rs 948 crore, while EBITDA margin expanded to 95.6% from 58%, YoY.

Also read: Stocks in news: Vakrangee, Reliance, Titan, Adani Green Energy, TCS and more
Also read: Israel-Palestine war impact on stock market, crude oil prices and gold movement
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today
Add Business Today to Home Screen


Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top
Join Whatsapp Group!
Scan the code