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Adani Green share price rises 3% after Vanguard buys 1.3 crore shares

BusinessToday.In     September 21, 2020

The share price of Adani Green Energy gained over 3% in Monday's early session after Vanguard Group Inc acquired shares in the company.

Vanguard Group acquired 1,30,84,019 equity shares in the company at Rs 666.96 per share, as per data available on NSE.

The share price of Adani Green Energy opened with a gain of 2.76% at Rs 682.95 and later touched an intraday high of Rs 686, rising 3.22% against the last close of Rs 664.60.

The stock saw high volatility today and also touched an intraday low of Rs 674.10. Adani Green Energy share has risen 5% in one week, 78% in one month and 303% since the beginning of the year. Adani Green Energy is trading higher than its 5, 20, 50, 100 and 200-day moving averages.

Market capitalisation of the firm stood at Rs 1,04,645.36 crore as of today's session.

The US-based Vanguard Group, through its emerging markets fund, has reportedly acquired equity stake in several other Indian listed companies including Deepak Nitrite, Atul, Amber Enterprises, Dish TV India, Dixon Technologies, Granules India, Indraprastha Gas, Infibeam Avenues, JB Chemicals & Pharmaceuticals, Manappuram Finance, Tata Elxsi, Trent, VA Tech Wabag and Navin Fluorine International.

Earlier on June 9 this year, Adani Green Energy said it bagged 'the world's largest solar tender' from the Union government to construct an 8-gigawatt (Gw) photovoltaic power plant and set up a 2 GW solar cell and module manufacturing capacity in five years. The company said the deal was the largest of its type and also the largest in the world. It would entail an investment of Rs 45,000 crore and create 4 lakh direct and indirect jobs.

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