1,207% returns in one year. This energy stock doubled its market cap in 40 days1 min read . Updated: 01 Oct 2020, 01:49 PM IST
- The stock is hovering around its 52-week high of ₹756.90
- The stock has a 52-week low of ₹55.
Gautam Adani-led Adani Green Energy, a renewable company has grown by over 1,207% in the last one year. The stock is quoting at ₹738.8, up 0.054% on the day as on 12:13 p.m. on the NSE. Adani Green Energy Ltd has risen around 49% in last one month. Adani Green Energy today announced that it has completed the acquisition of 205 MW operating solar assets from Essel Green Energy Private Limited (EGEPL) and Essel Infraprojects Limited (EIL). The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies.
"The acquisition of 205 MW solar portfolio expands our footprint in states where we already have a presence, and with our strong operational expertise, we will deliver significant value for our shareholders," says Vneet Jaain, Managing Director & CEO of Adani Green Energy.
In less than one and a half month, the company's market capitalisation has doubled from ₹58,000 crore as on August 21 to ₹1.15 lakh crore. The stock is hovering around its 52-week high of ₹756.90. The stock has a 52-week low of ₹55. So far this year, the share has gained 320%.
On September 1, Mercom Capital Group, a clean energy communications and consulting firm, ranked Adani Green as the largest solar power producing company in the world. As per Mercom Capital's study, Adani Green's solar portfolio stands at 12.32 GW now, which exceeds the total installed capacity of the US in 2019. The company has 10.1 GW projects under construction.
The company on Friday posted a standalone net profit of ₹138 crore for the quarter ended June 2020, against ₹5.52 crore in the previous-year period. Its standalone total income for the quarter stood at ₹253 crore ( ₹192 crore).
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