Adani Green Energy in focus; shares advance 7% to hit a fresh record high

Shares of Adani Green Energy ((AGEL) surged over 7 per cent to hit an all-time high of Rs 531.95 apiece on the BSE on Wednesday. The company on Tuesday informed that Mercom Capital has ranked the Adani Group as the number 1 global solar power generation asset owner in terms of operating, under construction, and awarded solar projects. 

Adani’s renewable energy portfolio exceeds the total capacity installed by the entire United States solar industry in 2019 and will displace over 1.4 billion tons of carbon dioxide over the life of its assets, the press release added.

At 09:25 AM, the stock was trading nearly 5 per cent higher at Rs 521 on the BSE as compared to a 0.07 per cent fall in the benchmark S&P BSE Sensex at 38,874.26. The stock had hit a 52-week low of Rs 43.55 on September 4, 2019. 

AGEL established its first solar project in 2015. The company went public in 2018. 

AGEL also achieved a top spot in the global ranking in terms of under construction and awarded capacity with 10.1 GW of projects, making it the definitive leader in mega-scale renewable energy project deployments.

Other group stocks were also trading in the green. For instance, Adani Enterprises was up over 1 per cent while Adani Ports was trading 0.6 per cent higher. Adani Transmission was up over 1 per cent at Rs 267 and Adani Gas surged over 5 per cent to Rs 186.40. 

Recently, Adani Group acquired a 74 per cent stake in Mumbai International Airport Limited (MIAL), which operates India’s second-largest airport in Mumbai. Under the transaction, Adani Group will acquire 50.5 per cent stake of GVK group.