Home Stock list Adani Green Shares 8% Upside on Q4 Interim Business Update; Enters the list of the 10 most valuable companies

Adani Green Shares 8% Upside on Q4 Interim Business Update; Enters the list of the 10 most valuable companies

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Shares of Adani Green Energy Limited soared 9% to a 52-week high of Rs 2,951.90 after the company shared its interim fourth quarter business update.

As of 11:35 a.m., shares of Adani Green were trading at Rs 2,816.75, up 115.20 points, or 4.26% higher on BSE. Trading volume was 14 times above average at this time of day. The stock was the best performer among its peers.

Shares of the company are up 103.46% so far this year.

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The company’s total operating capacity increased 56% year-on-year to 5,410 MW, while energy sales increased 84% year-on-year to 29.71 crore in the fourth quarter of FY22 .

Adani Green’s solar portfolio capacity utilization factor was 26.4% with a 210bps improvement year-over-year, supported by approximately 100% availability of the power plant.

The Company’s wind portfolio capacity utilization factor was 23.6%, improving 140 basis points year-over-year, supported by plant availability of approximately 98%.

The company also entered the list of the 10 most valuable companies on Monday as its market valuation exceeded Rs 4.22 lakh crore, buoyed by a sharp rise in its share price. The company commanded a market valuation of Rs 4,22,526.28 crore to grab the tenth spot on the top 10 list.

The company edged out Bharti Airtel to enter the top 10. The valuation of Bharti Airtel is Rs 4,16,240.75 crore.

International Holding Company, an Abu Dhabi-based conglomerate, will also invest $2 billion in three green businesses from the Adani Group.

The group’s flagship company, Adani Enterprises Ltd, will receive Rs 7,700 crore (USD 1.02 billion) by issuing preferred shares to IHC, while Adani Green Energy Ltd (AGEL) and Adani Transmission Ltd (ATL) will each receive Rs 3,850 crore through the same equity instrument, according to the group.

(Edited by : Akanksha Upadhyay)

First post: STI