Adani Green rallies 26% in three days

Adani Green Energy hit an upper circuit of 5% at Rs 573.30, extending gains for the third trading session.

Shares of Adani Green Energy grew 26.38% in three trading sessions from its close of Rs 453.60 on Monday, 31 August 2020.

The stock hit an upper circuit of 10% to Rs 546 on Wednesday (2 September) after the latest ranking of global solar companies by Mercom Capital ranked the 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.

The group is one of the most fully integrated solar players in the world, manufacturing solar cells and modules, undertaking project development, construction, financial structuring and owning and operating its assets through its robust internal asset management platform. The company targets to achieve an installed generation capacity of 25 GWac of renewable power by 2025.

The company reported a consolidated net profit of Rs 64 crore in Q4 March 2020 as against net loss of Rs 87.95 crore in Q4 March 2019. Net sales rose 2.1% YoY to Rs 692.67 crore in Q4 FY20 over Q4 FY19.

Adani Green Energy develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

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