Adani Green Energy share price hits all-time high after firm wins world’s largest solar contract

Adani Green Energy share price was trading 5% higher or Rs 15.60 at Rs 328.35 against previous close of Rs 312.75 on BSE

Share price of Adani Green Energy hit upper circuit of 5% for the second consecutive session today after the Gautam Adani-led firm won the world’s largest solar award worth Rs 45,000 crore from Solar Energy Corporation of India (SECI). Adani Green Energy share price was trading 5% higher or Rs 15.60 at Rs 328.35, its fresh all-time high, against previous close of Rs 312.75 on BSE.

Adani Green Energy share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Adani Green Energy stock has risen 20.21% in last five sessions. Adani Group firm’s market capitalisation rose to Rs 51,354 crore on BSE. Adani Green Energy share has gained 666.28% during the last one year and 20.21% during last one week.

It has gained 97.21% since the beginning of this year. On Tuesday, the stock closed 5% or Rs 14.85 higher at Rs 312.75 compared to the previous close of Rs 297.90 on BSE.

The stock opened with a gain of 4.03% at Rs 309.90 in the same session. The project entails developing 8 GW electricity generation capacity and 2 GW equipment manufacturing facility in the country.

Based on the award agreement, the 8 GW ofsolar development projects will be implemented over the next five years. The first 2 GW of generation capacity will come online by 2022 and the subsequent 6 GW capacity will be added in 2 GW annual increments through 2025, the Ahmedabad based firm said.

The award which is the largest of its type, ever, in the world, will involve a single investment of US $6 billion and create 400,000 direct and indirect jobs. It will also displace 900 million tonnes of carbon dioxide over its lifetime, the firm said.

Gautam Adani, Chairman of the Adani Group said, “This award is yet another step in our nation’s climate change promise to the world as well as enabling our nation’s AtmaNirbhar Bharat Abhiyan (self-reliant India program). It is another step towards fulfilling our group’s nation building vision.”

Source: Business Today

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