Adani Energy Solutions shares rise 4% on project win in Gujarat 

Shares of Adani Energy Solutions Ltd (AESL), earlier known as Adani Transmission rose 4% on Friday after the Adani Group firm said it has won a power transmission project in Gujarat, which will supply green electrons for manufacturing Green Hydrogen and Green Ammonia in Mundra, Gujarat. The project which will cost Rs 2,800 crore, will be delivered in 36 months. 

Adani Energy Solutions stock zoomed 3.78% to Rs 846.15 on Friday against the previous close of Rs 815.30 on BSE. Market cap of the firm climbed to Rs 1.01 lakh crore. 
Total 1.71 lakh shares of Adani Energy Solutions changed hands amounting to a turnover of Rs 14.14 crore. 

Adani Energy Solutions shares have a one-year beta of 1.7, indicating high volatility during the period. 

In terms of technicals, the relative strength index (RSI) of Adani Energy Solutions stands at 71, signaling it's trading in the overbought zone. Adani Energy Solutions stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day  but lower than the 150 day and 200 day moving averages.

This project 'Transmission System for Green Hydrogen/Ammonia Manufacturing Potential in Mundra, Gujarat' involves upgrading the Navinal (Mundra) electrical substation by adding two large 765/400kV transformers. Additionally, a 75 km long 765kV double-circuit line will be constructed to connect this substation to the Bhuj substation. 

The project will see the addition of 150 cKM of transmission lines and 3,000 MVA of transformation capacity to AESL’s overall transmission infrastructure, taking them to 25,928 cKM and 87,186 MVA, respectively.

Adani Energy Solutions is the country’s largest private transmission company, with a presence across 16 states of India and a cumulative transmission network of 19,800 ckm and 53,000 MVA transformation capacity. In its distribution business, Adani Energy Solutions serves more than 12 million consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ.