Adani Green Energy subsidiary completes commissioning of 150 MW solar power project; shares fall 2.5%

Adani Green Energy stock price fell 2.5 percent in early trade on October 9 amid a weak domestic market. Adani Solar Energy Jaisalmer Two, a subsidiary of the company, completed the commissioning of an entire 150 MW solar power project.

At 10.30 a.m., Adani Green Energy shares were trading at Rs 949.1 on the NSE, down 1.26 percent.

The power project is situated in Bikaner, Rajasthan. Adani Solar Energy Jaisalmer Two commissioned the project as an independent power producer, allowing the firm to further sell power to third parties or on power exchanges.

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Following the successful commissioning of this plant, Adani Green Energy’s total operational renewable generation capacity has increased to 8,404 MW. The company’s total renewable portfolio is on track to reach its vision of 45 GW capacity by 2030.

Shareholding pattern, technical details

Adani Green Energy shares have tanked 57 percent during the same period compared to Nifty 50’s one-year performance at 13.4 percent. The shares are trading at a 58 percent discount from its 52-week high of Rs 2,258.80, bringing the company’s market capitalization to Rs 1.5 lakh crore.

The stock’s RSI is at 39.4, indicating the counter is neither in the oversold nor overbought zone. With a one-year beta of 0.9, the stock exhibits limited volatility and is also trading below its crucial moving averages.

Also read: Adani Energy Solutions acquires Sangod Transmission Service; stock falls 2%

As per June’s shareholding records, the company’s promoters hold 56.3 percent of the shares. FIIs own 18.3 percent, while DIIs account for 1.5 percent, and the public has a 24 percent stake in Adani Green Energy.

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