Private Sector

Adani Green Energy nears ₹1 trillion market capitalization

Adani Green Energy nears ₹1 trillion market capitalization

Adani Green Energy nears 1 trillion market capitalization

Adani Green Energy nears 1 trillion market capitalization – Adani Green Energy Ltd on Monday inched closer to ₹1 trillion market capitalization, becoming Adani Group’s most valued stock, piping Adan Ports and Special Economic Zone Ltd.

At 10.08 am, the Adani group firm saw it’s market capitalization touch ₹99,917 crores, just ₹83 crores away to hitch 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 the previous close.

The stock gained in 17 out of 21 trading sessions and rose over 78% during this era. thus far this year it’s gained 275%.

The company on Friday posted a standalone net income of ₹138 crores for the quarter ended June 2020, against ₹5.52 crore within the previous-year period. Its standalone total income for the quarter stood at ₹253 crores ( ₹192 crores).

Adani Green Energy is additionally looking to traffic jams with nearly a dozen foreign banks to avail greenfield funding for its under-construction assets. the corporate will raise $1.8 billion for the under-construction and contracted portfolio of 12 GW, which incorporates the country’s first manufacturing-linked solar energy plant of 8 GW.

In terms of market price, the Adani Group firm has surpassed Bajaj Finserv, Hindustan Zinc, Bharat Petroleum Corp Ltd, power system Corp, ONGC Ltd, NTPC, Britannia Industries Ltd, and Dabur India Ltd.

Reliance Industries Ltd is India’s most precious company with a market capitalization of ₹15.26 trillion, followed by TCS and HDFC Bank Ltd at ₹8.75 trillion and ₹6 trillion, respectively.

Recently, Mercom Capital Group, clean energy communication, and consulting company ranked Adani Green because the largest solar energy producing company within the world, Adani Green’s solar portfolio stands at 12.32 GW now, which exceeds the entire installed capacity of the US in 2019. the corporate has 10.1 GW projects under construction.

Adani Green on 9 June announced that it bagged a manufacturing-linked solar contract from the solar power Corporation of India (SECI) to develop 8 GW of projects. The transaction is valued at ₹45,000 crores, or $6 billion, 15 GW capacity under operation, construction or under contract. the corporate targets achieving an installed generation capacity of 25 GW of renewable power by 2025 at an investment of $15 billion, within the renewable energy space within the next five years.

For 50% partnership with Adani Green Energy during a venture in April, Total invested about ₹3,707 crores for which will house 2.148 gigawatts (GW) of operating solar energy projects across 11 States in India.

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