Adani Green shares jump 5% as co acquires SB Energy India; Adani Power, other group stocks follow

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Updated: May 19, 2021 5:25 PM

Adani Group stocks surged higher on Wednesday morning while the benchmark indices traded flat.

Adani groupNow Gautam Adani’s renewable energy firm will achieve a total renewable capacity of 24.3 GW and an operating renewable capacity of 4.9 GW. (Image: REUTERS)

Adani Group stocks surged higher on Wednesday while the benchmark indices were dancing between gains and losses. The sharp up-move came after Adani Green announced the acquisition of SB Energy India for $3.5 billion — the largest acquisition in the renewable energy sector in India. With this, Gautam Adani’s renewable energy firm will achieve a total renewable capacity of 24.3 GW and an operating renewable capacity of 4.9 GW. Through the deal, Gautam Adani has bought out Soft Bank Group and the Bharti Group.

SB Energy India’s portfolio consists of utility assets with 84% solar capacity (4,180 MW), 9% wind-solar hybrid capacity (450 MW) and 7% wind capacity (324 MW). The portfolio comprises of 1,400 MW operational solar power capacity and a further 3,554 MW is under construction. “This acquisition is another step towards the vision we stated in January 2020, wherein we laid out our plans to become the world’s largest solar player by 2025 and thereafter the world’s largest renewable company by 2030,” said Gautam Adani, Chairman, Adani Group. 

Stock action

Shares of Adani Green Energy jumped 5% on Wednesday morning to hit a high of Rs 1,258 per share. The stock came slightly down as the day’s trading progressed but was up 3.78% at the closing bell. In the last seven days the stock has zoomed 17%. Year to date, Adani Green is up 16%.

Adani Transmission share price was up 5% at Rs 1,323 per share. The stock has skyrocketed 205% so far this year. 

Adani Power gained 4.95% on Wednesday morning. The stock reached an intra-day high of Rs 106.9 per share. Adani Power has jumped 112% so far this year. On closing, the stock was up 0.59%.

Adani Enterprises was up 1.6% during the early hours of trade to hit an intra-day high of Rs 1,350 per share. However, the stock fell and was soon seen trading with losses. Year to date, Adani Enterprises is up 167%. On closing, the stock was down 2.6%.

Adani Port and Special Economic Zone share price was also seen moving higher on Wednesday morning but ended in the negative. Adani Ports is up 55% so far in 2021.

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