Adani Green Energy shares jumped 9% today; here's why

Adani Green Energy Ltd (AGEL) shares picked up momentum during the late morning trading session on Thursday. The stock surged 8.78 per cent to hit a day high of Rs 1,248.90. It was last seen trading 7.29 per cent up at Rs 1,231.80. At this price, it has slipped 22.93 per cent in the calendar year 2024 so far.

Today's upward move in the share price came after the renewable energy firm said its arm has commissioned a 250 MW solar power project in Jodhpur, Rajasthan. "Adani Green Energy Twenty Five Ltd, a step-down subsidiary of Adani Green Energy Ltd (AGEL) has commissioned a 250 MW solar power project at Badi Sid, District: Jodhpur, Rajasthan. With commissioning of this plant, AGEL’s total operational renewable generation capacity has increased to 11,434 MW," it stated in a BSE filing.

Bourses BSE and NSE have put the securities of AGEL under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

"ASM framework is in conjunction with all other prevailing surveillance measures being imposed by the exchanges from time to time and as may be applicable. Further, it may also be noted that the shortlisting of securities under ASM is purely on account of market surveillance and it should not be construed as an adverse action against the concerned company," BSE stated.

Around 7.07 lakh shares changed hands today at the time of writing this story. The figure was lower than the two-week average volume of 7.62 lakh shares. Turnover on the counter came at Rs 85.01 crore, commanding a market capitalisation (m-cap) of Rs 1,93,568.77 crore.

Adani Group stocks, including AGEL, came under severe selling pressure after US authorities accused Gautam Adani, his nephew and executive director Sagar Adani and managing director of AGEL, Vneet S Jaain, of being part of a scheme to pay bribes to secure Indian power supply contracts and misleading US investors.

Following these bribery allegations, AGEL withdrew its $600 million bond offering following bribery. However, the Indian conglomerate claimed that there were no bribery charges against its group chief Gautam Adani and other group executives.