Adani Enterprises rises after group commissions solar plant in UP

Adani Enterprises rose 2.75% to Rs 134.30 at 13:33 IST on BSE after the company said it commissioned 50 megawatts solar plant in Mahoba, Uttar Pradesh.

The announcement was made during trading hours today, 13 June 2017.

Meanwhile, the S&P BSE Sensex was up 125.76 points, or 0.40% to 31,221.46.

On the BSE, 8.72 lakh shares were traded in the counter so far, compared with average daily volumes of 19.25 lakh shares in the past one quarter. The stock had hit a high of Rs 135.60 and a low of Rs 129.05 so far during the day. The stock hit a 52-week high of Rs 160.60 on 18 April 2017. The stock hit a 52-week low of Rs 58.35 on 9 November 2016.

The stock had outperformed the market over the past one month till 12 June 2017, rising 7.48% compared with 3.01% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 34.33% as against Sensex's 5.61% rise. The scrip had also outperformed the market in past one year, rising 79.53% as against Sensex's 17.80% rise.

The large-cap company has equity capital of Rs 109.98 crore. Face value per share is Re 1.

Adani Group, a global integrated infrastructure conglomerate, announced commissioning of 50 megawatts (MW) solar PV (photovoltaic) plant in Mahoba, Uttar Pradesh, under the National Solar Mission Scheme, with an investment of Rs 315 crore.

The technology used for setting up this plant includes string inverter technology which is first of its kind in UP with crystalline silicon modules that allows miniature level control of solar power generation. The transmission line runs up to a stretch of 21.50 km. The power generated by this plant will be evacuated by 132 kv transmission line to UPTCL, Mahoba Substation under agreement signed with NTPC. Indirect and direct employment opportunities were created for a total of around 250 personnel, who worked diligently to achieve this feat, and employment opportunities will be provided through the generation period as well.

Apart from the 100 MW solar power plant in Bhatinda, the company also has a 40 MW solar plant at Bitta, Gujarat and has also recently unveiled a 648 MW solar power plant at Ramanathapuram district in Tamil Nadu, which is the world's largest solar power plant at a single location. With this plant the company has added another 50 MW to the existing portfolio. Adani Group capacity in solar energy goes up to 838 MW, spreading across Gujarat, Tamil Nadu, Uttar Pradesh and Punjab.

Thus, by the end of this year Adani Group will be above 2 GW of solar installed capacity making the company the largest player in India's renewable energy sector in various states, Till now we have generated 1472 GWH of solar energy from above plants which have reduced CO2 emission by 650590 MT.

On a consolidated basis, net profit of Adani Enterprises rose 72.31% to Rs 218.80 crore on 49.61% rise in net sales to Rs 12195.15 crore in Q4 March 2017 over Q4 March 2016.

Adani Enterprises, the flagship entity of the Adani group, started as a trading firm dealing in myriad commodities. Over a period of time, coal became its main stay and after it emerged as India's leading coal importer, it made forays into multiple sectors as forward and backward integration.

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