Adani Green corrects on profit selling

Adani Green Energy hit a lower circuit of 5% at Rs 1144.75 as the counter witnessed profit booking after a recent steep surge.

The stock has gained 41.14% in ten sessions to end at Rs 1204.95 on Tuesday (24 November 2020), from its recent closing low of Rs 853.70 recorded on 10 November 2020.

On a year-to-date (YTD) basis, the stock has zoomed 587.54% while the benchmark S&P BSE Sensex added 8.52% during the same period.

The company's consolidated net profit dropped 81.2% to Rs 18.8 crore on a 11.1% fall in net sales to Rs 599.95 crore in Q2 September 2020 over Q2 September 2019.

 

Adani Green Energy, a part of the diversified Adani Group, has 14.2 GW of operating, in-construction and awarded wind and solar parks, making it the largest solar power developer in the world. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

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