In an otherwise weak market, Adani Green Energy (AGEL) shares rose 5% to a new high on Monday after its subsidiary received an order for a 300 MW wind project. A subsidiary of Adani Renewable Energy Holding Fifteen Limited (AREHFL) has submitted a letter of award (LOA) for a 300 MW wind project.
On the BSE, Adani Green’s share price was locked in a 5% upper circuit at Rs 1,251.05, a new high, as a result of the growth. The stock reached a high and low of Rs 1,251.05 and Rs 1,233.40 in the first hour of trading, compared to a previous close of Rs 1,191.50. On the volume front, there was a surge in buying as 28,000 shares were traded over the counter, compared to the BSE’s two-week average of 32,000 scrips.
Adani Green shares were trading 5% higher at Rs 1,252.20 on the National Stock Exchange, compared to a previous close of Rs 1,192.60.
Adani Green said in a stock exchange filing on Monday that AREHFL had participated in SECI’s tender for a 1,200 MW ISTS-connected Wind Power Project (Tranche-X). For a period of 25 years, the fixed tariff for this project capacity is Rs 2.77/kWh.
AGEL now has a total renewable capacity of 15,165 MW, with 3,395 MW of operating renewable plants and 11,770 MW of projects in the pipeline.
Vneet S. Jaain, MD & CEO of Adani Green Energy, commented on the development, saying, “Wind energy is an important part of our business strategy and will continue to play an important role in our expansion plans. This 300 MW Wind Power Project award is consistent with our commitment to accelerate the creation of a sustainable ecosystem in order to transition to a greener future.”
Meanwhile, the BSE Sensex was down 134.6 points, or 0.27 percent, to 49,723.64, and the NSE Nifty was down 32.4 points, or 0.22 percent, to 14,711.6.