Adani Green firms up on buzz it may buy rest of Essel's solar assets

Adani Green Energy rose 1.13% to Rs 134.10 after the media reported that the company may buy the remaining solar energy portfolio of the Essel Group.

Adani Group had signed an agreement in August this year to acquire the 205 megawatt (MW) of operational solar assets for Rs 1,300 crore. Essel Group's total solar energy portfolio consists of 685 MW of installed and under-construction projects.

According to media reports, the Essel Group has reached an agreement to sell the remaining 480 MW (currently under construction) to Adani Green Energy.

The sale of solar energy assets was part of Essel Group promoters' overall divestment process to reduce debt and repay lenders.

Meanwhile, Zee Entertainment Enterprises advanced 0.14% to Rs 280.

Adani Green Energy (AGEL) is one of the largest renewable power generation companies. The company has a total renewable energy portfolio of 5,290 MW, of which 2,320 MW is operational across eleven states in India, and a further 2,970 MW is under construction.

On a consolidated basis, AGEL reported a net profit of Rs 100.25 crore in Q2 September 2019 compared with net loss of Rs 187.97 crore in Q2 September 2018. Net sales surged 51.1% to Rs 674.78 crore in Q2 September 2019 over Q2 September 2018.

Shares of AGEL gained 21% in four sessions to trade at Rs 134.10 from its recent closing high of Rs 110.80 registered on 10 December 2019.

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