Adani Green Energy shares rise 5% on nod for commissioning of solar plant in Mundra

Shares of Adani Green Energy Ltd gained over 5% in early deals today as associate firm, Mundra Solar Energy, received approval for its solar photovoltaic manufacturing plant at Mundra, Gujarat from the Solar Energy Corp. of India (SECI). The plant has a capacity of 2.0 GW per annum.  

Adani Green Energy stock rose 5.10% to Rs 980.65 against the previous close of Rs 933 on BSE. Adani Green Energy’s market cap rose to Rs 1.54 lakh crore. Total 0.69 lakh shares changed hands amounting to a turnover of Rs 6.61 crore.      

The Adani Green Energy stock opened higher at Rs 939.50 on BSE today. However, Adani Green Energy shares have lost 57.65 per cent in a year and fallen 48.58 percent since the beginning of this year. The large-cap stock hit a 52-week high of Rs 2574.05 on August 23, 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 36, signaling neither the stock is overbought nor oversold. The stock has been highly volatile with its beta at 1.1 in the last one year. Adani Green shares are trading lower than the 5 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.   

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Adani Green Energy holds 26% stake in Mundra Solar Energy through its wholly-owned subsidiary Adani Renewable Energy Holding Four Limited (AREH4L). This manufacturing facility has been set up as a part of manufacturing linked tender awarded to AREH4L, which is setting up 8 GW of solar power generation projects. The certificate was received from SECI around 12.40 PM on August 17, 2023.  

Adani Green Energy Ltd logged 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. 

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