Adani Green Energy (AGEL) Shares surged 4.4% to Rs 853 in intraday trade on Monday, extending two-week gains in an otherwise subdued market on heavy volume. Shares of the power generation company were higher for a fourth straight day, gaining 21% in the period.
AGEL shares were up 2.4% at Rs 836.55 at 2:33 pm, while the S&P BSE Sensex was down 0.92%.
The average over-the-counter volume almost doubled, with about 6.9 million shares changing hands on the NSE and BSE.
In the last 13 sessions, the stock has rebounded 94% from its 52-week low of Rs 439.35 hit on February 28, 2023. However, the stock is down 72% from its record high, which traded at Rs 3,048 on April 19, 2022.
AGEL is a renewable energy platform within the Adani portfolio. The company has one of the largest renewable energy portfolios in the world, locking in the growth of 20.4 gigawatts (GW) in operations, under construction, awarded and acquired assets to meet demand from investment-grade counterparties.
In addition, the company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. AGEL is focused on decarbonising electricity generation and is helping India achieve its sustainable development goals.
On March 2, 2023, GQG Partners, a leading global equity investment boutique based in the US, announced the closing of Rs 15,446 crore ($1.87 billion) in a series of secondary block transactions in Adani portfolio companies – AGEL, Adani Ports and Special Economic Zone (APSEZ), Adani Transmissions and Adani Enterprises.
GQG Partners bought a 55.6 million stake in AGEL for Rs 2,806 crore at around Rs 504.60 per share.
Meanwhile, AGEL now has India’s largest operating renewable Energy mix, at 8,024 MW. The plant is under the umbrella of Adani Hybrid Energy Jaisalmer Four, a 100% subsidiary of AGEL.