Adani Green Energy share price up 4% - two factors behind the rally
Adani Green Energy rose nearly 4% on Wednesday's trading session to ₹1,882 on BSE. The recent surge in the stock can be attributed to two key factors: the upward revision by Moody's and the operationalization of a 51 MW solar capacity in Gujarat.
On Tuesday, brokerage firm Moody's revised the outlook for four Adani group entities to "stable." Among these are two unlisted subsidiaries of Adani Energy Solutions, as well as Adani Green and Adani Green Energy Restricted Group, which concentrates on solar assets. Also read: Government's shift towards value maximisation may boost PSU stocks, says Jefferies;NTPC, SBI, Coal India among top picks This upgrade signifies a favorable transition from the prior "negative" rating that Moody's had attributed last year in response to allegations put forth by US short-seller Hindenburg Research.
Meanwhile, Adani Green Energy, in an exchange filing to BSE, announced the attainment of a significant milestone within a span of just 12 months since the initiation of operations at the Khavda Renewable Energy (RE) park. The journey began with the establishment of essential infrastructure such as roads and connectivity, alongside the establishment of a self-sufficient social ecosystem, "AGEL also transformed the challenging and barren terrain of the Rann of Kutch into a habitable environment for its 8,000-strong workforce.
AGEL plans to develop 30 GW of renewable energy capacity at this RE park. The planned capacity is expected to be operationalized in the next five years.
When completed, the Khavda RE park will be the largest renewable energy installation in the world," it said. Also read: Capital Small Finance Bank share price falls further after a weak listing; should you sell? The company
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