Share price of Adani Green Energy hit all-time high in early trade today. The rise in the clean energy's firm stock comes despite the Gautam Adani-led company reporting a 82% fall in Q2 net profit last week.
On November 4, the firm reported consolidated net profit of Rs 17.57 crore in September quarter mainly due to higher expenses. Consolidated net profit stood at Rs 102.29 crore in the quarter ended on September 30, 2019.
Since then, the share has gained 17% or Rs 147.55 on BSE. The large cap stock has gained 15.03% in the last 3 days. Total 2.26 lakh shares changed hands amounting to turnover of Rs 21.56 crore on BSE. Market cap of the firm rose to Rs 1.54 lakh crore.
The stock touched an all-time high of Rs 988.15, rising 5% today.
In one year, the share has gained 926.47 % and risen 492% since the beginning of this year. In a month, the share has climbed 39%. Adani Green Energy share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages
Despite weak Q2 earnings, a host of other factors hae led to positive sentiment around the stock.
As per the latest ranking of global solar companies by Mercom Capital, Adani Group was ranked as the number 1 global solar power generation asset owner in terms of operating, under construction, and awarded solar projects.
Adani Green is the only Indian developer among the top 10 globally and currently tops global solar developer with 2.3 GW of operational projects, 2 GW under construction, and 8 GW of awarded projects (with contracted PPAs) for a total capacity of 12.3 GW, as per the ranking renewable energy consultancy Mercom Capital Group.
The ranking came after Adani Green Energy bagged a manufacturing-linked solar contract in June from the Solar Energy Corporation of India (SECI) to develop 8 GW of projects, valued at Rs 45,000 crore, or $6 billion.
In FY20, the company reported narrowing of consolidated net loss at Rs 67.96 crore against net loss of Rs 475.05 crore in previous fiscal. Total income rose to Rs 2,629.07 crore in 2019-20 compared to Rs 2,130.99 crore in 2018-19. Adani Green Energy , part of the diversified Adani Group, is one of the largest renewable companies in India, with a current project portfolio of 6 GW including under construction capacity.