Adani Green Energy share price hits upper circuit of 5% after firm wins Rs 45,000-cr contract

Shares of Adani Green Energy closed 5% higher today after the firm said it bagged said it won a manufacturing-linked solar contract worth Rs 45,000 crore from SECI to develop 8 GW electricity generation capacity and 2 GW equipment manufacturing facility in the country.

Adani Green Energy share price ended 5% or Rs 14.85 higher at Rs 312.75 compared to the previous close of Rs 297.90 on BSE. The stock opened with a gain of 4.03% at Rs 309.90 today.

Adani Green Energy share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Adani Green Energy stock has risen 14.5% in last four days. The Adani Group firm's market capitalisation rose to Rs 48,914 crore on BSE. Adani Green Energy share has gained 620% during the last one year and 14% during last one week. It has gained 87% since the beginning of this year.

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The project will take the company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025, which in turn will see it committing an investment of Rs 1,12,000 crore ($15 billion) in the renewable energy space over the next five years, the company said. "Adani Green Energy Ltd (AGEL) has won the first-of-its-kind manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI)," the firm said.

Gautam Adani, Chairman of the Adani Group said, "This award is yet another step in our nation's climate change promise to the world as well as enabling our nation's AtmaNirbhar Bharat Abhiyan (self-reliant India program). It is another step towards fulfilling our group's nation building vision."

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