Shares of Adani Green Energy (AGEL) hit a fresh record high and were locked in the 5 per cent upper circuit band for fourth straight day, at Rs 856.25, on the BSE on Friday in an otherwise weak market. In comparison, the S&P BSE Sensex was down 0.86 per cent at 39,416 points at 01:16 pm.
In the past one week, stock of the Adani Group renewable power company has rallied 19 per cent, as compared to 3 per cent decline in the benchmark index. Supported by the sharp rally, AGEL's market capitalisation today surpassed m-cap of construction and engineering major Larsen & Toubro (L&T) and cement giant UltraTech Cement.
Currently, AGEL's m-cap stands at Rs 1.34 trillion, at 20th position in the overall m-cap ranking, compared with L&T's Rs 1.31 trillion-mark, and UltraTech Cement's Rs 1.32 trillion-level, BSE data shows.
AGEL's m-cap is now higher than that of private sector majors like HDFC Life Insurance Company, Sun Pharmaceutical Industries, Titan Company and Dabur India and the state-owned companies such as Oil and Natural Gas Corporation (ONGC), NTPC, Power Grid Corporation and Hindustan Zinc.
That apart, the board of directors of the Adani Green Energy is scheduled to meet on Wednesday, November 4, 2020 to consider and approve financial results for the quarter and half year ended September 30, 2020.
The company reported a profit before tax of Rs 51.27 crore during the first quarter of FY21 ended June, as against a loss of Rs 131.24 crore during the same period in FY20. The total income of the company during Q1FY21 rose 30 per cent year on year to Rs 878 from Rs 675 crore.
AGEL is the largest solar company in the world with 12+ GW of operating, in-construction, and awarded solar parks. The company develops, builds, owns, operates, and maintains utility-scale grid-connected solar and wind farm projects.
AGEL and TOTAL SA (TOTAL) had formed a 50:50 joint venture (JV) for 2,148 MW solar power assets in India, which was setup at an enterprise valuation of Rs 17,385 crore in April 2020. The JV on October 15, 2020 had completed another acquisition as per JV agreement, by way of transfer of 205 MW of operating solar assets for an enterprise valuation of Rs 1,632 crore. With the acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW.
In the past three months, the stock of AGEL has soared 151 per cent, as against 4 per cent gain in the S&P BSE Sensex. On the other hand, it has zoomed 853 per cent, as compared to 1.6 per cent decline in the benchmark index in the past one year.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU