Adani Green sees a 565% stock rally: A $23 bn firm with no analyst coverage

With a free float of about 21%, Adani Green is one of the most illiquid stocks in the Nifty 100 gauge, data showed

Ronojoy Mazumdar | Bloomberg
renewable, energy, power, solar

At the start of 2020, Adani set a goal of becoming the world’s largest renewable power company by 2025.

Adani Green Energy Ltd., a unit of one of India’s largest conglomerates, is the best performer this year among the nation’s top 100 stocks. It is also the only one in that cohort without a single analyst rating.
Shares of Adani Green have jumped 565% in 2020 versus a gain of just 10% for the National Stock Exchange’s Nifty 100 Index. The rally helped the company recently win entry to the MSCI India Index.
While the stock’s surge may not come as a huge surprise given the heightened global popularity of sustainable assets such as renewable energy stocks amid the pandemic, the complete lack of analyst coverage on the company has left some market participants baffled.

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