This Adani company, one of the largest in the renewable energy sector, surged following the acquisition of a 2.96 percent equity stake by promoter entities Hibiscus Trade and Investment and Ardour Investment Holding.
Share Price Movement
In Thursday’s trading session, Adani Green Energy Ltd shares climbed 1.2 percent to an intra-day high of Rs.2,091.85 per share, up from its previous close of Rs.2,066.9 apiece. The share price has since retreated and currently trading at Rs.2,055.8 per share.
What happened
On Wednesday, promoter entities Hibiscus Trade and Investment and Ardour Investment Holding collectively acquired a 2.96 percent equity stake in Adani Green Energy Ltd.
Hibiscus Trade and Investment purchased 20.1 million shares, constituting a 1.27 percent equity stake, between July 30 and September 18, 2024. Meanwhile, Ardour Investment Holding acquired 26.7 million shares, amounting to a 1.69 percent equity stake, between September 19 and 23, 2024.
Adani Green Energy is set to join the Utilities for Net Zero Alliance to bolster India’s decarbonization efforts. In an exchange filing on Tuesday, it was announced that Adani Green Energy Ltd. and Adani Energy Solutions Ltd. will collaborate to accelerate the adoption of renewable energy sources.
Capacity Expansion Plans
Adani Green Energy targets a capacity of 50 gigawatts by 2030 and is developing a 30-gigawatt renewable energy plant at Khavda, Gujarat.
The company uses advanced robotics for solar installations and has 250 megawatts of operational wind capacity. In Q1 FY25, it reported revenue and EBITDA growth, a 32 percent increase in cash profit to Rs.1,390 crores, and exceeded electricity generation commitments.
Financial Performance
In its recent financials, for the quarter ending June 2024, Adani Green Energy Ltd reported a net profit of Rs.629 crore, up 95 percent from Rs.323 crore in Q1 FY24. Revenue from operations rose 31.12 percent to Rs.2,835 crore from Rs.2,162 crore in the same period.
Company Profile
Adani Green Energy Limited (AGEL) is a prominent renewable energy firm in India, specializing in solar and wind power generation. The company is dedicated to delivering sustainable energy solutions and actively participating in the global effort to combat climate change.
Written by – Siddesh S Raskar
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