Adani Green Energy Ltd on Monday inched closer to ?1 trillion market capitalisation, becoming Adani Group’s most valued stock, piping Adan Ports and Special Economic Zone Ltd.
At 10.08 am, the Adani group firm saw its market capitalisation touch ?99,917 crore, just ?83 crore away to join the elite club of ?1 trillion m-cap. The scrip traded at a record high of ? 638.85 apiece on the BSE, up 5% from previous close.
The stock gained in 17 out of 21 trading sessions and rose over 78% during this period. So far this year it has gained 275%.
The company on Friday posted a standalone net profit of ?138 crore for the quarter ended June 2020, against ?5.52 crore in the previous-year period. Its standalone total income for the quarter stood at ?253 crore ( ?192 crore).
Adani Green Energy is also looking to tie up with nearly a dozen foreign banks to avail greenfield funding for its under-construction assets. The company will raise $1.8 billion for the under construction and contracted portfolio of 12 GW, which includes the country’s first manufacturing-linked solar power plant of 8 GW.
In terms of market value, the Adani Group firm has surpassed Bajaj Finserv, Hindustan Zinc, Bharat Petroleum Corp Ltd, Power Grid Corp, ONGC Ltd, NTPC, Britannia Industries Ltd and Dabur India Ltd.
Reliance Industries Ltd is India’s most valuable company with a market capitalisation of ?15.26 trillion, followed by TCS and HDFC Bank Ltd at ?8.75 trillion and ?6 trillion, respectively.
Recently, Mercom Capital Group, a clean energy communications and consulting firm, ranked Adani Green as the largest solar power producing company in the world. As per Mercom Capital’s study, Adani Green’s solar portfolio stands at 12.32 GW now, which exceeds the total installed capacity of the US in 2019. The company has 10.1 GW projects under construction.
Adani Green on 9 June announced that it bagged a manufacturing-linked solar contract from the Solar Energy Corporation of India (SECI) to develop 8 GW of projects. The transaction is valued at ?45,000 crore, or $6 billion. With this win, Adani Green will have 15 GW capacity under operation, construction or under contract. The company targets achieving an installed generation capacity of 25 GW of renewable power by 2025 at an investment of $15 billion, in the renewable energy space in the next five years.
Earlier in April, Total invested about ?3,707 crore for 50% partnership with Adani Green Energy in a joint venture that will house 2.148 gigawatts (GW) of operating solar power projects across 11 States in India.
News Source: livemint