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Adani Green Energy Ltd hit Rs 3 trillion market cap for the first time

January 18, 2022 04:01 PM

Adani Green Energy Ltd hit Rs 3 trillion market cap for the first time
The firm is one of the largest renewable energy companies in India, with a current project portfolio of 13,990 MW with locked-in growth of 20,284 MW.

Adani Green Energy Ltd hit Rs 3 trillion market cap on January 18 after its shares advanced nearly 5% intraday to an all time high of Rs 1915.45 a piece. It is the first firm in Adani Group to achieve this milestone.

At 10:02 am, the stock was trading at Rs 1883.85 on BSE, up 3.06%, while the benchmark Sensex was at 61,094.26, down 214.65 points or 0.35%. The scrip has advanced 44% so far in January.

According to company’s provisional operational update for the December quarter, sale of energy surged 97 percent to 2.50 billion units versus 1.27 billion units in the same quarter of the previous fiscal year, led by robust performance in both solar and wind portfolios.

The company’s total operational capacity increased 84 percent to 5410 mega watt.

Also Read : Adani Green share jump 1.84% after the agreement signed with Solar Energy

Solar portfolio capacity utilisation factor (CUF) improved 110 basis points year-on-year to 21.9 percent while wind portfolio CUF improved 10 basis points to 18.6 percent.

The firm also said it is in a pact with Worlds largest Green PPA with SECI to supply 4667 MW. With this total signed PPAs now stand at 6000 MW out of 8000 MW awarded to the firm under SECIs manufacturing linked solar tender.

In December, brokerage firm Ventura initiated coverage on the stock with buy rating, The brokerage firm said that despite a sharp spurt in its stock price (outperforming the broader index and its peers by a wide margin), there’s a significant room for further upside. On FY24 basis it fixed a target price of Rs 2,810 per share, implying 102% upside over the next 24 months.

The firm is one of the largest renewable energy companies in India, with a current project portfolio of 13,990 MW with locked-in growth of 20,284 MW.

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