Adani Green locks in at upper circuit in beaten-down markets

Geyatee Deshpande
·1-min read

Sensex sheds more than 500 points during Wednesday’s trading session whereas, the buzzing stock, Adani Green, continues its strong upward trend. The shares of the company locked in at its upper circuit of 5 per cent at Rs 776.70 per share.

On Wednesday, the stock of the company hit a record high of Rs 776.70 per share on BSE. On a YTD basis, the multibagger stock has gained by more than 300 per cent while in the month of October 2020 alone, it has surged by nearly 4 per cent.

Today, Adani Green Energy is one of the top gainers on S&P BSE Small-Cap Index.

Recently, Competition Commission of India (CCI) had approved the acquisition of various solar energy assets by Adani Green Energy Twenty Three Ltd, which is a joint venture between Adani Green Energy Ltd and Total Solar Singapore.

On the consolidated quarterly front, the company posted a 10.18 per cent YoY increase in its net sales for Q1FY21 to be Rs 724.67 crore while for the same period, the company gained a net profit of Rs 19.77 crore as against a net loss of Rs 98.01 crore incurred in Q1FY20.

Adani Green Energy, which belongs to Adani Group, is a power generation company that builds and operates solar & wind energy power plants in India.