Adani Green Energy's arm operationalises 250 MW wind power project; stock up 2%

Adani Green Energy Ltd's wholly-owned subsidiary -- Adani Renewable Energy Forty One Ltd -- on Wednesday announced commissioning of 250 MW wind power project at Khavda, Gujarat.

"The plant has India's largest and one of the world's most powerful on-shore wind turbine of 5.2 MW capacity. With this development, the total operational capacity at Khavda is 2,250 MW," it stated in a BSE filing.

"Based on the relevant clearances, it was decided at 8.27 am on July 24, 2024 to operationalize the plant and commence power generation," the company added.

On the stock-specific front, Adani Green shares rose 1.87 per cent to hit a day high of Rs 1,749.95. The scrip was last seen trading 1.32 per cent up at Rs 1,740.65. At this price, it has climbed 8.90 per cent on a year-to-date (YTD) basis.

Around 13,000 shares changed hands today on BSE at the time of writing this story. The figure was lower than the two-week average volume of 86,000 shares. Turnover on the counter came at Rs 2.22 crore, commanding a market capitalisation (m-cap) of Rs 2,75,589.97 crore.

On the technical setup, the counter traded higher than the 5-day, 10-day and 200-day simple moving averages (SMAs) but lower than the 20-day, 30-, 50-, 100-day and 150-day SMAs.

The counter's 14-day relative strength index (RSI) came at 42.73. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a negative price-to-equity (P/E) ratio of 498.39 against a price-to-book (P/B) value of 36.30. Earnings per share (EPS) stood at (-)3.45 with a return on equity of (-)7.28.

As of June 2024, promoters held a 57.52 per cent stake in the company.