Adani Group shares buzz in trade; Adani Green, Adani Power rally up to 8%

Adani Green Energy rallied 8% to hit a new high of Rs 2,094, and has surged 12% in the past three trading days

Shares of Adani Group of companies were buzzing on the bourses on Thursday, soaring up to 8 per cent on the BSE, in an otherwise range-bound market on the back of heavy volumes.

Adani Green Energy, Adani Power, Adani Transmission and Adani Total Gas were up in the range of 3 per cent to 8 per cent, while Adani Enterprises and Adani Ports and Special Economic Zone added 1 per cent. However, the recently listed Adani Wilmar was down 2 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.23 per cent at 58,130 level at 11:28 AM.

Among individual stocks, Adani Green Energy (AGEL) rallied 8 per cent to hit a new high of Rs 2,094, having surged 12 per cent in the past three trading days. Trading volumes on the counter more-than-doubled with a combined 960,000 shares having changed hands on the BSE and NSE till the time of writing of this report.

AGEL has one of the world's largest renewable portfolios, and it develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various State Discoms.

India and Australia on Tuesday inked a letter of intent for working together towards reducing the cost of new and renewable energy technologies and scaling up their deployment to reduce emission globally.

This LoI will pave the way for working towards reducing the cost of new and renewable energy technologies and scaling up their deployment in order to accelerate global emissions reduction, PTI reported quoting power ministry statement. The focus of this LoI will be scaling up manufacture and deployment of ultra low-cost solar and clean hydrogen, it stated. CLICK HERE FOR FULL REPORT.

Separately, Adani Power surged 6 per cent to Rs 134.20, and has zoomed 24 per cent in the past two weeks. Last week, the company had announced that Adani Power (Mundra) (APMuL), a wholly-owned subsidiary of the company and Gujarat Urja Vikas Nigam (GUVNL) have agreed to resolve all disputes pertaining to Power Purchase Agreements (PPAs). Both parties will now approach the Central Electricity Regulatory Commission (CERC) for approval of the amendment in the terms of both SPPAs, as agreed to in the Settlement agreement.

"Recommencement of supply of power under the amended terms of the Bid-2 PPA will allow the consumers of Gujarat access to reliable and affordable electricity, while the settlement reached between APMuL and GUVNL will aid APMuL with optimal utilization of Mundra power plant capacity by smooth operation of both PPAs and timely recovery of dues thereafter, for entire term of the original PPA," the company said.