Adani Green Energy stock rises over 4% on reports of firm's green bonds plan

Shares of Adani Green Energy went up over 4 per cent after reports that the firm, led by Gautam Adani, plans to raise $1 billion via green bonds. Adani Green Energy stock rose by 4.52 per cent to Rs 2,229. 1 against the previous close of Rs 2,132. 65 on the BSE. The stock opened higher at Rs 2,150 amid a rally in the broader market.

Adani Green Energy stock is trading higher than 5 day, 100 day and 200 day moving averages, but lower than 20 day and 50 day moving averages. The stock has gained 82.54 per cent in a year and 67 per cent in 2022. A total of 0.38 lakh shares of the firm changed hands on the BSE, amounting to a turnover of Rs 8.38 crore.

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The firm's market cap rose to 3.58 lakh crore. The stock hit a 52 week high of Rs 3048 on April 19, 2022 and a 52 week low of Rs 1106 on October 29,2021. The stock has gone up 11.23 per cent in the last four trading sessions taking into account today's intraday high of Rs 2,229. The stock rally came after the Adani Group firm said on September 29 it had commissioned the world's largest wind-solar power plant of 600 MW capacity in Jaisalmer, Rajasthan. The stock closed at Rs 2,004. ALSO READ: French luxury king Arnault displaces India's richest Gautam Adani in the Forbes list of richest people.

Shares of Adani Green Energy increased by 20 per cent to Rs 2,405 on September 30, despite the development. Solar Energy Corporation of India SECI has a power purchase agreement with the plant in Jaisalmer for 25 years, and it has a power purchase agreement with the plant in Jaisalmer.

Adani Green Energy LimitedGreen Energy Limited AGEL is engaged in renewable power generation and other ancillary activities. The company develops, builds, owns, operates, and maintains utility-scale grid-connected solar power, wind power, hybrid projects, and solar parks. It serves markets such as local, state, and national with approximately 70 locations across states in India.

The upside in the stock was supported by an across-the- board market rally. Sensex moved 279 points to 58,344 and Nifty climbed 89 points to 1,7363 in Thursday's trading session.