Adani Group stock: Adani Green share price gains on these business updates

Adani Green share price traded higher on Friday after the company announced two business developments. The Adani Group stock, Adani Green shares rose as much as 1.68% to ₹975.80 apiece on the BSE.

Adani Green Energy shared two business updates, including its one subsidiary receiving an order from Uttar Pradesh Power Corporation Ltd (UPPCL), and another subsidiary commissioning of a plant in Gujarat.

Order Win

Adani Renewable Energy Holding Twelve Ltd, a wholly-owned subsidiary of Adani Green Energy, has received a Letter of Award (LOA) from Uttar Pradesh Power Corporation Ltd (UPPCL) for supply of 400 MW solar power from grid connected solar PV power project to be developed in the state of Rajasthan at a tariff of ₹2.57 per kWh for a period of 25 years.

Commissioning of a Power Projects

Adani Green Energy through its various Wholly-owned stepdown subsidiaries has operationalized an aggregate 396.7 MW power projects at Khavda, Gujarat.

According to the company’s release, Adani Renewable Energy Fifty Six Limited has operationalised a Solar power project of 200 MW, Adani Renewable Energy Forty One Limited has commissioned a Wind energy project of 109.2 MW, while Adani Green Energy Twenty Four A Limited has operationalised a Solar power project of 87.5 MW.

With commissioning of this plant, Adani Green Energy’s total operational renewable generation capacity has increased to 13,487.8 MW, it said.

Adani Green Stock Price Trend

Adani Green share price has rallied 25% in one month, but the Adani Group stock is down 8% year-to-year (YTD). Over the past six months, Adani Green shares have fallen 51%, while the Adani Group stock has declined 47% in one year.

However, Adani Green stock has delivered multibagger returns of 550% in five years.

At 11:35 AM, Adani Green shares were trading 0.16% higher at ₹961.15 apiece on the BSE.

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