Adani Green Hits Fresh All-Time High, Surges Over 200% In 3 Months

On Wednesday, shares of Adani Green were locked in 5 percent upper circuit at Rs 381.55, a fresh all-time high. It is the tenth consecutive day of gains for the stock that has surged 209 percent in the last 3 months.

The stock of Adani group's renewable energy firm has been gaining amid media reports that the company has plans to raise up to $12 billion in the next 4-5 years through the sales of green bonds with an aim to become the world's biggest renewable energy player.

On 9 June, the company in a press release said that it had won the first of its kind manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI). The agreement for "the world's largest solar tender" from the Union government to construct an 8-gigawatt (Gw) photovoltaic power plant and set up a 2 GW solar cell and module manufacturing capacity in five years would entail an investment of Rs 45,000 crore. Such a large investment for Adani Green comes at a time when companies in almost all sectors are looking to cut down capital expenditure.

With this contract, the company is now the largest renewable power generator in the country with 15 Gw of renewable capacity under various stages of development.