Highlights:
- Adani Green Energy Ltd on Monday inched closer to ₹1 trillion market capitalisation
- Adani Green Energy Ltd has become Adani Group’s most valued stock
On Monday, at around 10:10 AM, the Adani Group firm saw its market capitalisation touch Rs 99,917 crore, merely 83 crore away to join the elite club of Rs 1 Trillion market cap.
The scrip traded at a record high of ₹ 638.85 per share on the BSE (Bombay Stock Exchange), up 5% from previous close.
The stock of the firm gained in 17 out of 21 trading sessions and surged more than 78% during this period. As of now in 2020 the stock has gained 275%.
On Friday, the company posted a standalone net profit of Rs 138 crore for the quarter which ended in June 2020 which was just Rs 5.52 crore in the year 2019 for the same period.
Its standalone total income for the quarter which ended in June stood at Rs 252 crore which was Rs 192 crore for the same period last year.
Adani Green Energy is looking for a tie-up with almost 12 overseas banks to avail the greenfield funding for its assets which are still being constructed. The company is willing to raise $ 1.8 billion (over 13,000 crore) for its under-construction and contracted portfolio of 12 GigaWatt (GW) which includes India’s first manufacturing lined solar power plant of 8 GW.
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Talking about the market value, the Adani Group firm has surpassed the likes of Bajaj Finserv, Hindustan Zinc, Bharat Petroleum Corp Ltd, Power Grid Corp, ONGC Ltd, NTPC, Britannia Industries Ltd and even Dabur India Ltd.
As of now, Mukesh Ambani-led Reliance Industries Limited is India’s most valuable company with the m-cap of Rs 15.26 trillion followed by Tata Consultancy Service (TCS) and HDFC Bank Limited at Rs 8.75 trillion and Rs 6 trillion respectively.
According to a news report, “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.”
On 9th of June 2020, Adani Green had announced that it has bagged a manufacturing solar contract from the Solar Energy Corporation of India (SECI) to develop 8 GW of projects. This transaction is valued at a whopping Rs 45,000 crore or $ 6 trillion.
With this contract, Adani Green will have 15 GW capacity under operation, construction or under contract.
The company is targeting on achieving an installed generation capacity of 25 GW of renewable power by the year 2025 with an investment limit of $ 15 billion in the renewable energy domain in the coming 5 years. Back in April, the firm Total invested around Rs 3,707 crore for 50% partnership with Adani Green Energy in a Joint Venture (JV) which would house 2.148 GW of operating solar power projects across 11 states in the country.
