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Adani Green Energy share price up by more than 12% today

Stock price up due to significant purchases by promoter entity

September 30, 2022 1:48 IST | India Infoline News Service
In Friday's intraday session, which was supported by high volumes, shares of Adani Green Energy (AGEL) jumped more than  10% to Rs 2,405 on the National Stock Exchange (NSE). The shares of the Adani Group's electric utilities firm was 13% higher at Rs 2,270 at 1:00 PM, compared to a 1.6% increase in the Nifty 50. With 3.8 million shares combined touching hands on the NSE and BSE, the average trading volumes on the counter more than quadrupled.
Despite today's rebound, AGEL underperformed the market last month by declining 7% as opposed to the Nifty 50's 4% decrease. On April 19, 2022, the stock increased to a new all-time high of Rs 3,048.

For Rs 935 crore, Spitze Trade and Investment Limited, one of AGEL's promoters, purchased 4 million equity shares, or 0.25 % of the company's total equity. According to exchange statistics, between September 15 and September 26, the promoter bought shares of the firm on the open market.
In the meantime, AGEL on Thursday revealed that its 600 MW "Hybrid Power Plant" in Jaisalmer, Rajasthan, is the biggest co-located wind-solar power plant in the world. With Solar Energy Corporation of India (SECI), the facility has Power Purchase Agreements (PPA) for 25 years at a cost of Rs. 2.69/kwh.

The first hybrid power plant in India, with a 390 MW capacity, had been operationalized by AGEL in May 2022 in Jaisalmer, Rajasthan. With the successful commissioning of this 600 MW plant, AGEL has the largest operational hybrid power generation capacity in the world 1 GW, and a total operational generation capacity of 6.7 GW. According to the company, this puts AGEL's 20.4 GW total renewable portfolio on track to meet its goal of 45 GW capacity by 2030.

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