Adani Green Energy Stocks 20% Up On Heavy Volume
Spitze Trade and Investment Limited being one of the promotors of AGEL acquired 4 million equity shares. Such shares represent 0.25 per cent of total equity of the company for Rs 935 crore.
Adani Green Energy (AGEL) shares rose 20 per cent to Rs 2,405 at the National Stock Exchange (NSE) during intra-day trade backed by great volumes on 30 September.
The stocks of Adani Group’s electric utilities company were traded 13 per cent higher at Rs 2,270, against 1.6 per cent rise in the Nifty 50, at 01:01 PM. On the counter, average trading volumes almost doubled totalling 3.8 million shares changing hands on the NSE and BSE.
As per previous trends, AGEL has underperformed and has seen market fall of 7 per cent, in comparison to 4 per cent decline in the Nifty 50. However, the stock jumped to a record high of Rs 3,048 on 19 April 2022.
One of the promoters of AGEL, Spitze Trade and Investment Limited acquired 4 million equity shares. Such shares represent 0.25 per cent of total equity of the company for Rs 935 crore. The purchase of the company effected through open market operations between September 15 and September 26, the exchange data show.
At the same time, AGEL through an announcement informed about the commissioning of 600 MW World’s largest co-located Wind-Solar Hybrid power plant ‘’Hybrid Power Plant’’ at Jaisalmer, Rajasthan on 29 September. The said plant has Power Purchase Agreements (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.69/kwh for 25 years.
India’s first hybrid power plant with a capacity of 390 MW was operationalized by AGEL at Jaisalmer, Rajasthan in May 2022. And after the successful commissioning of 600 MW plant, AGEL now has a total operational generation capacity of ~6.7 GW including operational hybrid power generation capacity of 1 GW being the largest in the World. In total AGEL’s renewable portfolio of 20.4 GW well on the lines to reach its vision of 45 GW capacity by 2030, the company official said.
With an overall portfolio of 20.4 GW along with operating, under-construction and awarded assets catering to investment-grade counterparties, AGEL now has one of the largest global renewable portfolios.
The company’s portfolio includes owning, developing, building, operating and maintaining utility-scale grid-connected solar, wind farm and Hybrid plants. AGEL’s key customers list includes SECI, National Thermal Power Corporation (NTPC) and various State Discoms.