Adani Green Energy hits 52-week high, surges 15% on heavy volumes

In the past 10 trading days, the stock of Adani Group Company has rallied 35 per cent after the firm signed a definitive agreement for the acquisition of 205 MW operating solar assets of Essel Group.

Adani Green Energy hit fresh 52-week high of Rs 58, up15 per cent in the afternoon deals on the BSE on Monday, on the back of heavy volumes. The stock surpassed its previous high of Rs 57 apiece touched on September 17, 2018 in the intra-day deal.

Trading volumes at the counter jumped 10-fold with a combined 5.3 million shares changing hands on the NSE and BSE till 02:16 pm. In comparison, the S&P BSE Sensex was down 0.72 per cent at 37,117 level.

In the past 10 trading days, the stock of Adani Group Company has rallied 35 per cent after the firm signed a definitive agreement for acquisition of 205 MW operating solar assets of Essel Group. The benchmark indices have remained flat during the same period.

On August 29, 2019, Adani Green Energy said it has signed a securities purchase agreement for acquisition of 205 MW operating solar assets of Essel Green Energy (EGEPL) and Essel Infraprojects (EIL). The acquisition of these assets is at an enterprise valuation of approximately Rs 1,300 crore, it added.

The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies.

The management said the acquisition of 205 MW of operating solar assets strengthens Adani Green Energy’s position as one of India’s premier renewable power producers, with a total portfolio of around 5.5 GW, of which around 2.5 GW is operational, and the remaining will be operationalised over the next two years.