Adani Green Energy shares hit an all-time high on Wednesday, locked in 5 percent upper circuit price of Rs 174.80 per share in the morning trade after the company said it has commissioned a 75-megawatt (MW) wind power project in Gujarat.
The stock price rose as much as 4.98 percent to Rs 174.80 per share on the BSE intraday. At 10.10 AM, the stock was trading 2.49 percent up at Rs 170.65 per share.
Adani Green Energy shares have risen over 13 percent for the last three days, while the one-year return on the stock has been more than 320 percent.
"Adani Renewable Energy (GJ) Limited, a stepdown subsidiary of Adani Green Energy Limited ("AGEL") has commissioned its 75 MW Wind Power Project having Power Purchase Agreement ("PPA") with Maharashtra State Electricity Distribution Company Limited ("MSEDCL") at Rs. 2.85/kWh for a period of 25 years. Commercial sale of power from the Project to MSEDCL is expected to commence w.e.f. 1st January, 2020," the company informed in an exchange filing.
"With this, 2.50 GWac of renewable energy projects are operational. AGEL has total 5.29 GWac portfolio of renewable capacity in India, out of which 2.79 GWac projects are under implementation," it added.
The renewable power generation company from the Adani Group has been the top gainer among the S&P BSE 500 index stocks in 2019.
With the Centre's plans to push renewable energy sources of 175 GW by 2022 and 450 GW by 2030 under the Paris agreement could further help Adani Green Energy shares in the long-term.
Adani Green Energy posted a consolidated net profit of Rs 102 crore profit for the September quarter of 2019-20. The company reported a loss of Rs 188 crore in the year-ago period.
Total income rose to Rs 711.96 crore in the second quarter from Rs 458.89 crore a year ago.
"Adani Green Energy continues to expand and invest in the renewables spectrum following the government's mission to be the world's largest renewable energy expansion programme of 175GW till 2022. The company will continue to provide reliable, sustainable, round the clock green power for India's growing power demands and needs," Chairman Gautam Adani had said in a statement.
Meanwhile, the benchmark indices traded higher with the Sensex up by over 100 points at 41359, while the Nifty was at 12,200, rising 32 points.
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First Published: IST