At Rs 1.34 trillion, Adani Green’s m-cap surpasses L&T, UltraTech Cement
At Rs 1.34 trillion, Adani Green’s m-cap surpasses L&T, UltraTech Cement – Reaching a record high and locked within the 5 per cent upper circuit band for the fourth straight day, Shares of Adani Green Energy (AGEL) hit a fresh record at Rs 856.25, as per the BSE on Friday in the S&P BSE Sensex was down an otherwise weak market, as compared , on 0.86 per cent at 39,416 points at 01:16 pm.
In the past week, the stock of the Adani Group renewable power service has rallied 19 per cent, as compared to a three per cent decline within the benchmark index. Supported by the sharp rally, AGEL’s market capitalization today surpassed the m-cap of construction and engineering major Larsen & Toubro (L&T) and cement giant UltraTech Cement as the AGEL stands at Rs 1.34 trillion, at 20th position within 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 above that of personal sector majors like HDFC life assurance Company, Sun Pharmaceutical Industries, Titan Company, and Dabur India, and therefore the state-owned companies like Oil and gas Corporation (ONGC), NTPC, power system Corporation, and Hindustan Zinc.
That apart, the board of directors of Adani Green Energy is scheduled to satisfy on Wednesday, November 4, 2020, to think about 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 primary quarter of FY21 ended June, as against a loss of Rs 131.24 crore during an equivalent period in FY20 during Q1FY21 income rose 30 per cent year on year to Rs 878 from Rs 675 crore as the solar company, AGEL is that the largest within the world with 12+ GW of operating, in-construction, and awarded solar parks, operates, and maintains utility-scale grid-connected solar and wind park projects.
AGEL and TOTAL SA (TOTAL) had formed a 50:50 venture (JV) for 2,148 MW solar energy assets in India, which was set up at an enterprise valuation of Rs 17,385 crore in April 2020.
As against 4 per cent gain within the S&P BSE Sensex, for the past three months, the stock of AGEL has soared 151 per cent, and on the opposite hand, it’s zoomed 853 per cent, as compared to a 1.6 per cent decline within the benchmark index within the past one year.
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