Adani Green bucks trend after Vanguard Group acquires stake

Adani Green Energy was up 0.11% to Rs 665.35 after Vanguard Group Inc acquired 0.83% stake in the company via open market.

On Friday, 18 September 2020, Vanguard Group Inc A/C Vanguard Emerging Markets Stock Index Fund A Series of V I E I F acquired 1,30,84,019 equity shares (0.83% stake) of Adani Green Energy at Rs 666.96 per share via bulk deals on the NSE.

Adani Green Energy had reported a consolidated net profit of Rs 19.77 crore in Q1 June 2020 as against a net loss of Rs 98.01 crore in Q1 June 2019. Net sales rose 10.2% to Rs 724.67 crore in Q1 June 2020 from Rs 657.70 crore in Q1 June 2019.

The stock has surged 1,249.59% from its 52-week low of Rs 49.30 hit on 20 September 2019. On the technical front, the stock's RSI (relative strength index) stood at 81.404. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 437.10 and its 200-day moving average (DMA) placed at 272.87.

The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. The latest ranking of global solar companies by Mercom Capital ranked Adani Group as the number one global solar power generation asset owner in terms of operating, under construction and awarded solar projects. Adani's solar portfolio is 12.32 GWac which exceeds the total installed capacity of the US in 2019 and will displace over 1.4 billion tons of carbon dioxide over the life of its assets.

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