This Adani Stock Rises Over 5% In 1 Day After FDI Buys Stake Worth Rs 3,920 Crore

Adani Green Energy's share price zoomed on Tuesday after foreign investor, Qatar Investment Authority-backed wholly-owned subsidiary picked up a stake in this renewable energy arm of Adani Group to the tune of Rs 3,920 crore. Adani Green shares have rallied by more than 5% on BSE due to the block deal.

At the time of writing, Adani Green's share price traded at Rs 996 apiece, up by Rs 30.95 or 3.21% on BSE. The stock even regained its Rs 1000 mark to touch an intraday high of Rs 1015 apiece. Overall, the stock has advanced by 5.2% on BSE today.

Due to the block deal buzz, in the previous session, Adani Green shares nosedived by at least 12.5% and even erased its over Rs 1,000 mark to dive below Rs 900 levels. On Monday, the stock finished at Rs 965.05 apiece.

However, after the bulk data which was presented during the market hours on Monday, it was revealed that the private equity firm, Qatar Investment Authority has taken a likeness for Adani Green shares.

As per BSE bulk deal data, on August 7th, Qatar Investment's subsidiary, INQ Holding LLC purchased a whopping 42,604,601 equity shares in Adani Green at a share price of Rs 920 apiece. The transaction aggregated to around Rs 3919.62 crore.

Ing Holdings bought the majority portion of a total 44,882,500 equity shares which were offloaded by promoter Infinite Trade And Investment Ltd on August 7 at Rs 920.43 apiece for a consideration of Rs 4,131.12 crore.

Infinite has exited at least a 2.8% stake in Adani Green through this block deal, while INQ Holding purchased 2.7% shares in the Gautam-Adani-backed company.

As of June 30, 2023, promoter Infinite held 5,34,19,413 equity hares or 3.37% in Adani Green shares.

During the June 2023 quarter, Adani Green Energy posted 50.93% YoY growth in consolidated net profit to Rs 323 crore, while revenue from operations surged by 55.05% YoY to Rs 2,059 crore.

In the quarter, the company's operational capacity increased by 43% YoY to 8,316 MW with the addition of 1,750 MW solar-wind Hybrid, 212 MW solar and 554 MW wind power plants over the last year. While the sale of energy increases by 70% YoY to 6,023 mn units. Further, the solar portfolio CUF stands at 26.9%, the Wind portfolio CUF at 38.7% and the Solar-wind Hybrid portfolio CUF at 47.2%.

According to Trendlyne, the analyst price target in Adani Green shares is set at Rs 402 apiece, indicating a 60% price target downside.