Adani Green Energy shares rise on formation of ARE59L for portfolio expansion

Shares of Adani Green Energy Ltd gained over 2% today after the firm said it incorporated a step down subsidiary company ARE59L for expansion of its renewable energy portfolio. Adani Green Energy shares zoomed 2.47% to Rs 1569 against the previous close of Rs 1531.10 on BSE. Market cap of Adani Green Energy rose to Rs 2.43 lakh crore. Total 0.19 lakh shares changed hands amounting to a turnover of Rs 2.98 crore.

The Adani Green Energy stock opened higher at Rs 1532.05 on BSE today. Adani Green Energy shares have lost 18.46 per cent in a year and fallen 25.29 percent since the beginning of this year. The large cap stock hit a 52-week high of Rs 2185.30 on January 18 , 2023 and a 52-week low of Rs 439.35 on February 28, 2023.

The Adani Group’s stock is trading in oversold zone, signals the relative strength index (RSI) of Adani Green Energy which stands at 73. Adani Green shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

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The main objective of the ARE59L is to generate, develop, transform, distribute, transmit, sale, supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy. Adani Renewable Energy Holding Nine Limited, a wholly owned subsidiary of the company, holds 100% share capital of ARE59L.

“ARE59L is incorporated in India and registered with Registrar of Companies, Gujarat at Ahmedabad on December 19, 2023 and is yet to commence its business operations,” said the firm in a communication to BSE.

On December 18, Adani Green Energy said its wholly owned subsidiary Adani Renewable Energy Holding Nine Ltd has incorporated four wholly owned subsidiaries.

They were Adani Renewable Energy Sixty Ltd (ARE60L), Adani Renewable Energy Sixty Two Ltd (ARE62L), Adani Renewable Energy Sixty Three Ltd (ARE63L) and Adani Renewable Energy Sixty Four Ltd (ARE64L), it said.

The Adani Group firm reported a 149% rise in Q2 profit at Rs 371 crore led by higher sales of power against Rs 149 crore in Q2 of the previous fiscal. The renewable power firm’s total income climbed 54 percent on-year to Rs 2,589 crore in Q2FY2 4 from Rs 1,107 crore in the year-ago period. Expenses climbed 43 percent on-year to Rs 2,160 crore in Q2FY24 against Rs 1,514 crore in Q2FY23.

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