Adani Green Energy share price soared 9.3 per cent to Rs 2,951.90 apiece on BSE, a fresh 52-week high, on Tuesday, a day after the company became 10th most valued firm in India. The company surpassed its previous high of Rs 2,788.70, touched in yesterday’s session. “We expect the counter to continue its outperformance in the coming trading days as well with a target of around 15-18 percent in the long term,” Ravi Singh, VP & Head of Research, Share India Securities, told .com.
Adani Green Energy toppled Bharti Airtel to enter the list of top 10 most valued firms by market capitalisation. On Monday, the stock surged over 16 per cent to Rs 2701.55 apiece on BSE. Adani Green Energy has more than doubled the investors’ money so far this year by rising nearly 110 per cent. The stock price has added 28 per cent in five days, and 55 per cent in the last one month. While it has surged 160 per cent in the past one year. “We believe that with the focus of the government on green energy, Adani Green is very well poised to continue as the leader in the segment and increase its profit margins in the coming future,” Animesh Malviya, analyst at CapitalVia Global Research, told .com.
Adani Green said that its board of directors will meet on April 8 to examine and accept a proposal for raising money by a rights issue, preferential allocation, including a qualifying institutions placement, or any other permissible mechanism and/or combination thereof. In the traded volume terms, a total of 3.7 lakh shares have exchanged hands on BSE, while 47 lakh scrips traded hands on NSE, so far in the day. “Adani Green Energy stock looks positive, as the demand for renewable energy is increasing for the fuel. Buy and hold, with stop loss of Rs 2,580 for the target of Rs 3,200,” Anuj Gupta, Vice President, IIFL Securities, told .com.
On Friday, the company’s board approved allotment of up to 20.02 million equity shares at Rs 1,923.25 per share, aggregating up to Rs 3,850 crore, to IHC Capital Holding incorporated under the Laws of Abu Dhabi, UAE, or a subsidiary, or an affiliated special purpose vehicle of IHC Capital Holding for cash consideration by way of a preferential issue on a private placement basis.