Adani Green Energy shares cross Rs 1,000 mark after four months; here’s why

Shares of Adani Green Energy Ltd rose nearly 6% today after Adani Group Chairman Gautam Adani, during his annual general meeting (AGM) speech, said that the conglomerate plans to build the largest hybrid renewables park in the world in Gujarat’s Khavda faster than any of their projects before.  

The Adani Green Energy stock climbed 5.78% to Rs 1020 against the previous close of Rs 964.20 on BSE. The stock has crossed the Rs 1,000 mark after four months. It closed at Rs 1,030 on March 24 this year. Meanwhile, the Adani Green Energy stock opened higher at Rs 968 on BSE today. Adani Green Energy shares have lost 53.35  per cent in a year and fallen 48.37 percent since the beginning of this year. Total 0.63 lakh shares of the Adani Group firm changed hands amounting to a turnover of Rs 6.25 crore on BSE. Market cap of the firm rose to Rs 1.55 lakh crore.     

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.    

Watch: Adani Enterprises AGM: Gautam Adani outlines Adani Green Energy, Adani Ports, NDTV other group firms' business plans; hits at Hindenburg report, says 'confident of our governance'

In terms of technicals, the relative strength index (RSI) of Adani Green Energy stands at 53.4, signaling neither the stock is overbought nor oversold. The stock has been highly volatile with its beta at 1.2 in the last one year. Adani Green shares are trading higher than the 5 day, 20 day, 50 day, 100 day moving averages but lower than 150 day and 200 day moving averages.   

“We are now building the largest hybrid renewables park in the world – right in the middle of the desert – in Khavda. It will be the most complex and ambitious project that we have ever executed. Spread over 72,000 acres, this project will be capable of generating 20 GW of green energy. And we intend to build it faster than any project in our execution history,” said Gautam Adani during the AGM speech.  

The Adani Group chairman said that the conglomerate’s renewable energy business, Adani Green Energy, is set to play a critical role in India’s net zero journey. The company has commissioned the world’s largest hybrid solar-wind project of 2.14 GW in Rajasthan, he said.  

Adani Green’s operational renewable energy portfolio has grown by 49 per cent to over 8 GW. He said that they have the largest operational renewable portfolio in India.  

“Our focus remains on producing the lowest cost green electron at scale – and I would like to reaffirm our target of 45 GW of renewable energy capacity by 2030,” said Adani.

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Also read: Adani Enterprises shares rally 4% post AGM. Here's why