Adani Green share hits 52-week high on bagging 300 MW wind power project

Shares of Adani Green Energy (AGEL) surged 5 per cent to hit record high on Monday, in an otherwise weak market, after its subsidiary secured order for 300 MW wind project. Adani Renewable Energy Holding Fifteen Limited (AREHFL), a subsidiary of the company, has received letter of award (LOA) for 300 MW wind project.

Boosted by the development, Adani Green share price was locked in 5 per cent upper circuit at Rs 1,251.05, also its new high, on the BSE. In the first hour of trade so far, the stock hit a high and low of Rs 1,251.05 and Rs 1,233.40, against previous close of Rs 1,191.50. On the volume front, there was surge in buying as 28,000 shares changed hands over the counter as compared to two-week average of 32,000 scrips on the BSE.

On the National Stock Exchange, Adani Green shares were trading 5 per cent higher at 1,252.20 against previous close of Rs 1,192.60.

In an exchange filing on Monday, Adani Green said that AREHFL had participated in the tender issued by SECI for setting up 1,200 MW ISTS-connected Wind Power Project (Tranche-X). The fixed tariff for this project capacity is Rs 2.77/kWh for a period of 25 years.

With this, AGEL's total renewable capacity now stands at 15,165 MW, of which 3,395 MW renewable plants are operational and 11,770 MW projects are under implementation.

Speaking on this development, Vneet S. Jaain, MD & CEO, Adani Green Energy said, "Wind energy forms an essential part of our business approach and is expected to continue a vital contribution to our growth plans. This award of 300 MW Wind Power Project is in line with our commitment to ramp up creation of a sustainable ecosystem for transitioning towards a greener future."

Meanwhile, the BSE Sensex was trading at 49,723.64, down by 134.6 points or by 0.27 per cent, and the NSE Nifty was at 14,711.6, down by 32.4 points or by 0.22 per cent.

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