Adani Green Energy stock hits all-time high, zooms 16% in two sessions on Q3 update

Shares of Adani Green Energy (AGEL) hit a record high today, helped by the strong Q3 business update of the Adani Group firm. The stock has surged 16% in last two days post the Q3 business update. It zoomed 6.26% to an all-time high of Rs 1,666 on BSE today.

Adani Green stock stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 77.59% in one year and risen 23.75% since the beginning of this year.

Total 1.49 lakh shares of the firm changed hands amounting to a turnover of Rs 24.25 crore on BSE. Market cap of the firm surged to Rs 2.56 lakh crore on BSE.  

 The stock hit a 52 week low of Rs 860.20 on August 11, 2021.

Adani Green Energy said sale of energy increased by 97 per cent year on year (YoY) at 2,504 million units backed by robust performance in both Solar and Wind portfolios.

In Q3FY21, sale of energy stood 1,273 million units. Total operational capacity surged 84 per cent YoY to 5,410 MW. Solar portfolio capacity utilization factor (CUF) at 21.9 per cent with 110 bps improvement YoY backed by around 100 per cent plant availability, while wind portfolio CUF at 18.6 per cent with 10 bps improvement YoY backed by around 97 per cent plant availability, Adani Green Energy said.

The company further said it signed the World's Largest Green power purchase agreement (PPA) with SECI to supply 4,667 MW. This takes the total signed PPAs to near 6,000 MW out of 8,000 MW awarded to AGEL under SECI's manufacturing linked solar tender.

Adani Green Energy Limited (AGEL) is an India-based renewable energy company. The company develops, builds, owns, operates, and maintains utility-scale grid connected solar power, wind power, hybrid projects and solar parks.

It has solar power plants across various states, including Tami Nadu, Karnataka, Punjab and Chhattisgarh. Its wind power plants are located across Madhya Pradesh and Gujarat. The company's subsidiary includes SB Energy Holdings Ltd (SB Energy India).