Shares of Adani Enterprises Ltd are in news today after the flagship arm of Gautam Adani-backed Adani Group said it received a Letter of Award (LoA) from Solar Energy Corporation of India for setting up manufacturing capacity for electrolysers under the Strategic Interventions for Green Hydrogen Transition Scheme.
An incentive of Rs 293.78 crore is to be allocated over five years from the scheduled commissioning date.
Adani Enterprises shares ended 0.77% higher at Rs 3104.25 on Friday against the previous close of Rs 3080.45 on BSE. Adani Enterprises stock opened higher at Rs 3099 on BSE. Adani Enterprises market cap rose to Rs 3.53 lakh crore. Total 0.89 lakh shares changed hands amounting to a turnover of Rs 27.59 crore on BSE.
Adani Enterprises stock has a one-year beta of 0.7, indicating very low volatility during the period.
In terms of technicals, the relative strength index (RSI) of Adani Enterprises stands at 70, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading higher than the 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.
The stock has risen 6.42 per cent this year and lost 14.84% in a year.
The firm has to set up an annual capacity of 198.5 megawatt under the Strategic Interventions for Green Hydrogen Transition Scheme.
The facility has to be set up within 30 months from the date of the order letter and the maximum incentive that will be allocated over five years from the commissioning date would be Rs 293.78 crore.
The company’s arm Adani New Industries will set up the alkaline electrolyser facility using indigenous technology.
Adani Enterprises logged a 44% year-on-year (YoY) rise in its consolidated net profit to Rs 674 crore for the quarter ended June 2023 against Rs 469 crore in the last year period. Revenue from operations in Q1, however, fell 38% to Rs 25,438 crore, compared with Rs 40,844 crore in the year-ago quarter. The revenue fall was attributed to the correction in coal prices.
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