Adani Green Energy Share Price Surges As Arm Commissions 250 MW Solar Power Project

Adani Green Energy's share price surged after it announced that Adani Green Energy Twenty Five Limited, a step-down subsidiary, has commissioned a 250 MW solar power project at Badi Sid, Jodhpur district in Rajasthan.

"With commissioning of this plant, AGEL’s total operational renewable generation capacity has increased to 11,434 MW," an exchange filing by the company said today.

Before today's rise, the stock had fallen 6% in its two-day decline.

Adani Green Energy share price rose as much as 8.8% to Rs 1,249 apiece. It pared gains to trade 6.6% higher at Rs 1,223 apiece, as of 12:11 p.m. This compares to a 0.3% decline in the NSE Nifty 50 Index.

It has fallen 23% on a year-to-date basis. Total traded volume so far in the day stood at 0.8 times its 30-day average. The relative strength index was at 43.

Out of the four analysts tracking the company, three maintain a 'buy' rating, and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 60.3%.