Adani Green Energy breaks 11-day rising streak

Adani Green Energy fell 2.45% to Rs 87.50 on profit booking after a recent steep rally.

Shares of Adani Green Energy shot up 58.34% in the past eleven trading sessions to settle at Rs 89.70 on Friday, 18 October 2019, from its close of Rs 56.65 on 1 October 2019.

On Monday, 21 October 2019, the firm informed that the company through its subsidiaries, is implementing 725 MW wind projects in Kutch, Gujarat. Adani Green Energy has commissioned 50 MW wind energy generation capacity on Sunday, 20 October, 2019 having a power purchase agreement with Solar Energy Corporation of India (SECI) for a period of 25 years. The firm plans to commission further 225 MW wind capacity in the area by H2 2020, for which the evacuation infrastructure is already in place.

Meanwhile, the S&P BSE Sensex was up 44 points or 0.11% to 39,342.58.

On the BSE, 2.50 lakh shares were traded in the counter so far compared with average daily volumes of 7.01 lakh shares in the past two weeks. The stock hit an intraday high of Rs 91.25 and an intraday low of Rs 85.10 so far during the day.

The stock hit a 52-week high of Rs 93.50 on 18 October 2019. The stock hit a 52-week low of Rs 30.05 on 18 February 2019.

On a consolidated basis, Adani Green Energy reported a net profit of Rs 52 lakh in Q1 June 2019 over a net loss of Rs 74.27 crore in Q1 June 2018. Net sales jumped 39.9% to Rs 660.81 crore in Q1 June 2019 over Q1 June 2018.

Adani Green Energy builds and operates solar and wind energy power plants in India.

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