At Rs 1.34 trillion, Adani Green's m-cap surpasses L&T, UltraTech Cement

Shares of Adani Green Energy (AGEL) hit a fresh record high and were locked in the 5 per cent upper circuit band for fourth straight day, at Rs 856.25, on the BSE on Friday in an otherwise weak market. In comparison, the S&P BSE Sensex was down 0.86 per cent at 39,416 points at 01:16 pm.

In the past one week, stock of the Adani Group renewable power company has rallied 19 per cent, as compared to 3 per cent decline in the benchmark index. Supported by the sharp rally, AGEL's market capitalisation today surpassed m-cap of construction and engineering major Larsen & Toubro (L&T) and cement giant UltraTech Cement.

Currently, AGEL's m-cap stands at Rs 1.34 trillion, at 20th position in the overall m-cap ranking, compared with L&T's Rs 1.31 trillion-mark, and UltraTech Cement's Rs 1.32 trillion-level, BSE data shows.

AGEL's m-cap is now higher than that of private sector majors like HDFC Life Insurance Company, Sun Pharmaceutical Industries, Titan Company and Dabur India and the state-owned companies such as Oil and Natural Gas Corporation (ONGC), NTPC, Power Grid Corporation and Hindustan Zinc.

That apart, the board of directors of the Adani Green Energy is scheduled to meet on Wednesday, November 4, 2020 to consider and approve financial results for the quarter and half year ended September 30, 2020. 

The company reported a profit before tax of Rs 51.27 crore during the first quarter of FY21 ended June, as against a loss of Rs 131.24 crore during the same period in FY20. The total income of the company during Q1FY21 rose 30 per cent year on year to Rs 878 from Rs 675 crore.

AGEL is the largest solar company in the world with 12+ GW of operating, in-construction, and awarded solar parks. The company develops, builds, owns, operates, and maintains utility-scale grid-connected solar and wind farm projects.

AGEL and TOTAL SA (TOTAL) had formed a 50:50 joint venture (JV) for 2,148 MW solar power assets in India, which was setup at an enterprise valuation of Rs 17,385 crore in April 2020. The JV on October 15, 2020 had completed another acquisition as per JV agreement, by way of transfer of 205 MW of operating solar assets for an enterprise valuation of Rs 1,632 crore. With the acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW.

In the past three months, the stock of AGEL has soared 151 per cent, as against 4 per cent gain in the S&P BSE Sensex. On the other hand, it has zoomed 853 per cent, as compared to 1.6 per cent decline in the benchmark index in the past one year.