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Adani Green Energy's 150 MW Solar Power Project in Bikaner Fuels Optimism

10 Oct 2023

Adani Green Energy Shares Surge After Solar Power Project Milestone

Shares of Adani Green Energy Ltd witnessed positive momentum, closing 0.15% higher at Rs 960.75 on Friday, reflecting the optimism surrounding the milestone achieved by its subsidiary. The firm's market capitalization rose to an impressive Rs 1.52 lakh crore.

Completion of 150 MW Solar Power Project

Adani Green Energy's wholly-owned subsidiary, Adani Solar Energy Jaisalmer Two Private Ltd., has successfully commissioned a substantial 150 MW solar power project in Bikaner, Rajasthan. This achievement underscores the company's commitment to clean and sustainable energy solutions.

Positive Market Response

The news of this accomplishment led to a modest increase in Adani Green Energy shares, demonstrating market confidence in the Adani Group firm's growth prospects. The stock closed at Rs 960.75, up from the previous day's closing price of Rs 959.30 on the BSE. A total of 0.19 lakh shares changed hands, with a turnover of Rs 1.83 crore.

Yearly Performance and Volatility

Adani Green Energy shares have shown resilience in a challenging market environment, with a 56.38% increase in a year and a 49.14% gain since the beginning of this year. The stock has exhibited low volatility, with a beta of 0.9 over the past year. Its 52-week range reflects a high of Rs 2259.15 on November 9, 2022, and a low of Rs 439.35 on February 28, 2023.

Technical Insights

In terms of technical indicators, the relative strength index (RSI) for Adani Green Energy stands at 39.4, indicating a balanced position without being overbought or oversold. The stock is currently trading below various moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.

Expanding Renewable Generation Capacity

The recently commissioned 150 MW solar power project serves as an independent power producer for sale to third parties or on power exchanges. This achievement has propelled Adani Green Energy's total operational renewable generation capacity to an impressive 8,404 MW.

Toward a Greener Future

"This places Adani Green Energy's total renewable portfolio well on track to reach its vision of 45 GW capacity by 2030," stated the firm in a filing to the exchanges. The company's commitment to clean energy aligns with global efforts to combat climate change and transition to sustainable power sources.

Strong Financial Performance

Adani Green Energy reported robust financial performance, with a 51% year-on-year rise in its consolidated net profit, reaching Rs 323 crore in the June 2023 quarter. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also witnessed substantial growth, surging to Rs 2,081 crore with an EBITDA margin expansion to 95.6% from 58% YoY.

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