Adani Green Energy shares extended rally for the second straight session on Monday, hitting 5 per cent upper circuit of Rs 638.85 on BSE, after billionaire Gautam Adani-led firm reported robust earnings during June quarter of the current fiscal. Boosted by continued gaining momentum, the market capitalisation of Adani Group inched closer to Rs 1 lakh crore on Bombay Stock Exchange.
Adani Green Energy shares have gained 1,230 per cent against its 52-week low of Rs 48 touched on August 13, 2019. It has gained 275 per cent since the beginning of this year and 79 per cent in last one month.
On Friday, Adani Green Energy reported consolidated net profit of Rs 21.75 crore for the first quarter ended June 30, 2020 against net loss of Rs 97.44 crore in April-June of 2019-20. The total income of the company jumped by 30 per cent to Rs 878.14 crores during the period ended June 30, 2020 as compared to Rs 675.23 crore in the same quarter last year.
Extending Friday's gain, share price of Adani Green Energy opened higher at Rs 624.95 against previous closing price of Rs 608.45 on the BSE. In intraday trade, the stock locked in 5 per cent upper circuit at Rs 638.85, also a fresh 52-week high. The market capitalisation of the Adani group firm increased to Rs 99,917 crore, just Rs 83 crore away from psychological landmark of Rs 1 lakh crore m-cap. With this, Adani Green Energy has become Adani Group's most valued stock, leaving behind Adan Ports and Special Economic Zone Ltd.
On the National Stock Exchange, Adani Green Energy shares hit an upper circuit of Rs 639.05, up 4.99 per cent.
Adani Green Energy aims to become the largest solar power producer in the world. During June quarter, the company won the world's largest solar bid of 8 GW and, with this, it has moved closer to its goal of commissioning renewable capacity of 25 GW by 2025.