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Adani Green hits new high post Q1 results; market-cap nears Rs 1-trillion

The Adani Group company's stock has rallied 1,173 per cent in a year

Adani Green Energy | Buzzing stocks | Markets

SI Reporter  |  Mumbai 

stocks, BSE Bankex

Shares of (AGEL) were locked in 5 per cent upper circuit at Rs 638.85 -- fresh record high -- on the BSE on Monday after the company reported a profit before tax of Rs 51.27 crore during the first quarter of FY21 ended June, as against loss of Rs 131.24 crore during the same period in FY20. The total income of the company during Q1FY21 rose 30 per cent year on year to Rs 878 from Rs 675 crore in the same period last year.

The Adani Group company's stock has rallied 1,173 per cent in a year. In comparison, the S&P BSE Sensex was up a 4.7 per cent during the same period. The sharp rally in the stock has seen its market capitalisation (m-cap) nearing Rs 1-trillion mark. AGEL's m-cap stood at Rs 99,917 crore, the BSE data shows

Till 12:28 pm, a combined 1.7 million equity shares had changed hands on the counter and there were pending buy orders for 333,000 shares on the BSE and NSE.

AGEL has surpassed state-owned companies Bharat Petroleum Corporation (BPCL), Oil and Natural Gas Corporation (ONGC) and Power Grid Corporation in terms of m-cap.

AGEL in its statement on BSE, said the company has progressed to become the largest solar power producer in the world, having won the world’s largest solar bid of 8 Gw. “With this, we have moved closer to our goal of commissioning renewable capacity of 25 Gw by 2025,” said the statement.

“The growing domestic and international demand for cleaner and greener technology has accelerated the green energy transition in the country and we are prepared to lead this change. This quarter, we have cemented our place in the global renewable space by winning the world’s largest solar bid and with this we have been ranked as the largest solar power developer in the world by Mercom Capital,” said Gautam Adani, Chairman, AGEL.

According to this Business Standard report, AGEL is looking to tie up with close to a dozen foreign banks to avail Greenfield funding for its under-construction assets. The company will raise $1.8 billion for the under construction and contracted portfolio of 12 Gw, which includes the country’s first manufacturing-linked solar power plant of 8 Gw. CLICK HERE TO READ FULL REPORT

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First Published: Mon, September 14 2020. 12:31 IST