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Adani Green Energy share hits all-time high as firm to buy solar projects from Sterling & Wilson

Adani Green Energy share stock touched an intraday high of Rs 1,341.6 rising 2.24% against previous close of Rs 1,312 on BSE

twitter-logoBusinessToday.In | March 24, 2021 | Updated 13:06 IST
Adani Green Energy share hits all-time high as firm to buy solar projects from Sterling & Wilson
Share of Adani Green Energy has risen 827% in a year and risen 24.52% since the beginning of this year.

Adani Green Energy share hit its all-time high today after the renewable energy firm said it has inked a share purchase agreement for buying 100% stake in two SPVs holding 74.94 MW operating solar projects of Sterling & Wilson. Share of Adani Green Energy has risen 827% in a year and risen 24.52% since the beginning of this year. The large cap stock has fallen after three days of consecutive gain. The stock touched an intraday high of Rs 1,341.6 rising 2.24% against previous close of Rs 1,312 on BSE.

Adani Green Energy share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Market cap of the firm stood at Rs 2.04 lakh crore on BSE.

On Tuesday, Adani Green Energy share hit upper circuit of 5% and became the first group firm to cross Rs 2 lakh crore market cap mark. The stock rose Rs 62.60 to Rs 1,314.80 against previous close of Rs 1,252.20.

Market cap of the firm climbed to Rs  2.06 lakh crore on BSE.

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The projects, commissioned in 2017, are located in Medak District of Telangana and have long-term Power Purchase Agreements (PPA) with the Southern Power Distribution Company of Telangana Limited. The enterprise valuation of the target SPV is Rs 446 crore.

With this deal, Adani Green Energy will raise its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW, Adani Green said in a statement.

Angel Broking is positive on Adani Green Energy's latest acquisition. "With this acquisition, AGEL will have operating renewable capacity of 3,470 MW with a total renewable portfolio of 15,240 MW.  This is a positive development for the company, which would support revenue growth for FY22," the brokerage said.

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