Adani Green Energy share price hits all-time high; investors’ wealth surges 8 times in less than one year

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March 22, 2021 3:01 PM

Adani Green Energy share price hit a record high of Rs 1,251 apiece, rising 5 per cent on BSE on Monday. Adani Green Energy has been one of the top stocks which have given multi-bagger returns in the current financial year.

adani green energy share, adani green share, adani green energy share priceThe shares of Adani Green Energy were locked in a 5 per cent circuit in today's session after the company received a Letter of Award (LOA) for a 300 MW Wind project. Image: Reuters

Adani Green Energy share price hit a record high of Rs 1,251 apiece, rising 5 per cent on BSE on Monday. Adani Green stock has surpassed its previous high of Rs 1,245 apiece, touched on March 16, 2021. The shares of Adani Green Energy were locked in a 5 per cent circuit in today’s session after the company received a Letter of Award (LOA) for a 300 MW Wind project. With this, Adani Green Energy’s total renewable capacity stood at 15165 MW, of which 3395 MW renewable plants were operational and 11770 MW projects were under implementation. Adani Green has been one of the top stocks which have given multi-bagger returns in the current financial year. The stock has skyrocketed a massive 718 per cent, from Rs 152.90 to Rs 1,251 apiece so far in FY21.

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So far in intraday deals, a total of 30,000 shares have traded on BSE, while 3.70 lakh scrips have exchanged hands on NSE. AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online that technically, a close above Rs 1250 could lead to a potential target of Rs 1285 and Rs 1330 in the coming week. “1200 will act like a strong support,” he said. The stock had hit a 52-week low of Rs 128.25 per share last year on March 23. In a span of one year, the stock has surged 875 per cent.

Last week, Adani Green Energy Limited (AGEL) announced that it has signed a share purchase agreement for the acquisition of a 100 per cent stake in an SPV holding 50 MW operating solar project of the Toronto-headquartered SkyPower Global. With this acquisition, AGEL shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW. The project is located in Telangana and was commissioned in Oct 2017 and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana.

Apart from this, AGEL raised a $1.35 billion debt package for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders. The company in a BSE press release informed that the revolving project finance facility would initially finance the 1.69 GW hybrid portfolio of solar and wind renewable projects to be set up in four SPVs in Rajasthan. This is one of the largest revolving project financing deals to date in the renewable sector in Asia. Moreover, the facility will be the first certified green hybrid project loan in India.

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