Shares of Adani Green Energy Ltd are in news today after the Adani Group firm’s subsidiary Adani Renewable Energy Fifty Nine Limited inked power purchase agreements (PPAs) with Solar Energy Corporation of India (SECI) for supply of 534 MW of solar power projects. With execution of these PPAs, Adani Green Energy now has a total renewable energy project portfolio of 21,778 MWac capacity.
Adani Green Energy shares ended 9.07% lower at Rs 1726.55 in the previous session amid a steep correction on Dalal Street. The stock tanked despite the Adani Group firm disclosing that Adani Green Energy (UP) Limited, Parampujya Solar Energy Private Limited and Prayatna Developers Private Limited , have raised $409 million by allotment of US dollar denominated senior secured notes. The bonds will be listed on the Indian International Exchange (IFSC) Limited.
Adani Green Energy shares slipped 13.36% intraday to Rs 1645 on Wednesday against the previous close of Rs 1898.75 on BSE. Market cap of Adani Green Energy fell to Rs 2,73,491 crore. Total 3.84 lakh shares changed hands amounting to a turnover of Rs 67.65 crore.
Despite yesterday’s correction, Adani Green Energy shares have gained 140 per cent in a year and risen 8 percent since the beginning of this year.
The large cap stock rose to a 52-week high of Rs 2016 on February 27, 2024 and slipped to a 52-week low of Rs 681.35 on March 14, 2023.
The Adani Group’s stock is trading neither in the oversold nor in the overbought zone, signals the relative strength index (RSI) of Adani Green Energy which stands at 36.1. Adani Green shares are trading higher than the 100 day, 150 day, 200 day and lower than the 5 day, 10 day, 20 day, 30 day and 50 day moving averages.