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