Shares of this Adani Group company have hit a 5% upper circuit today!

Earlier in the week, Adani Group announced a prepayment of share-backed financing of Rs 7,374 crore, which was ahead of its latest maturity in April 2025.

The shares of Adani Green Energy Ltd are buzzing on the bourses today. In the pre-opening session today, the shares of the company hit the upper circuit of Rs 650.55. Post this, the trading activity came to a halt. Owing to the share price rally, the stock is one of the top gainers on the BSE from Group A.

Meanwhile, the frontline index S&P BSE Sensex is down by 0.44%

Why the rally? 

The rally in Adani Group companies can be attributed to the following development. As per media sources, on Tuesday, Adani Group announced a prepayment of share-backed financing of Rs 7,374 crore, which was ahead of its latest maturity in April 2025. Moreover, promoter leverage has been brought down in the following Adani Group companies- Adani Ports, Adani Enterprises, Adani Transmission and Adani Green Energy.

Recent performance highlights 

In the recent quarter Q3FY23, on a consolidated basis, the company’s net revenue increased by 40.8% YoY to Rs 1959 crore. Similarly, the bottom line increased by 22% YoY to Rs 59 crore.

The company is currently trading at a TTM PE of 167x against the industry PE of 14.6x. In FY22, the company delivered an ROE & ROCE of 47.6% and 7.8%, respectively. The company is a constituent of Group A stocks and commands a market capitalization of Rs 1,03,049.23 crore. The stock has a 52-week high & low of Rs 3,048 and Rs 439.35, respectively on BSE.

Company Profile 

Established in 2015, Adani Green Energy Ltd is a part of the Adani Group. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar, wind farm and Hybrid plants. Adani Green Energy is a holding company of several subsidiaries carrying business of renewable power generation within the Group. The Group is primarily involved in renewable power generation and other ancillary and related activities.