Adani Green Energy shares in focus as arm gets nod for commissioning of solar plant in Mundra
Shares of Adani Green Energy ended 1.59% lower at Rs 933 on Thursday against the previous close of Rs 948.10 on BSE. Market cap of the firm fell to Rs 1.47 lakh crore.
- Aug 18, 2023,
- Updated Aug 18, 2023 8:29 AM IST
Shares of Adani Green Energy Ltd are in focus today as associate firm, Mundra Solar Energy, has 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 ended 1.59% lower at Rs 933 on Thursday against the previous close of Rs 948.10 on BSE. Market cap of the firm fell to Rs 1.47 lakh crore. Total 0.71 lakh shares changed hands amounting to a turnover of Rs 6.64 crore.
The Adani Green Energy stock opened higher at Rs 952.10 in the previous session. Adani Green Energy shares have lost 58.13 per cent in a year and fallen 50.61 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.
Adani Green Energy owns 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.
Rolling out its Q1 updates for the current fiscal, the Adani group firm told bourses that its sale of energy increased 70 per cent YoY at 6,023 million units compared with 3,550 million units in the corresponding quarter last year. The operational capacity jumped 43 per cent to 8,316 MW YoY, with the addition of 1,750 MW solar–wind Hybrid, 212 MW solar and 554 MW wind power plants, the Gautam Adani-led company said.
Adani Green Energy said its solar portfolio capacity utilisation factor (CUF) at stood at 26.9 per cent for the quarter with 40 basis points (bps) improvement YoY, backed by 99.7 per cent plant availability. Adani Green Energy said its wind portfolio CUF stood at 38.7 per cent with 830 basis points reduction YoY. The reduction was primarily due to relatively lower wind speed, which was higher last year, Adani Green Energy said.
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Shares of Adani Green Energy Ltd are in focus today as associate firm, Mundra Solar Energy, has 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 ended 1.59% lower at Rs 933 on Thursday against the previous close of Rs 948.10 on BSE. Market cap of the firm fell to Rs 1.47 lakh crore. Total 0.71 lakh shares changed hands amounting to a turnover of Rs 6.64 crore.
The Adani Green Energy stock opened higher at Rs 952.10 in the previous session. Adani Green Energy shares have lost 58.13 per cent in a year and fallen 50.61 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.
Adani Green Energy owns 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.
Rolling out its Q1 updates for the current fiscal, the Adani group firm told bourses that its sale of energy increased 70 per cent YoY at 6,023 million units compared with 3,550 million units in the corresponding quarter last year. The operational capacity jumped 43 per cent to 8,316 MW YoY, with the addition of 1,750 MW solar–wind Hybrid, 212 MW solar and 554 MW wind power plants, the Gautam Adani-led company said.
Adani Green Energy said its solar portfolio capacity utilisation factor (CUF) at stood at 26.9 per cent for the quarter with 40 basis points (bps) improvement YoY, backed by 99.7 per cent plant availability. Adani Green Energy said its wind portfolio CUF stood at 38.7 per cent with 830 basis points reduction YoY. The reduction was primarily due to relatively lower wind speed, which was higher last year, Adani Green Energy said.
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