Adani Green Energy shares were trading in the green after four sessions of losses ahead of the Adani Group's December quarter earnings set to be announced today. Adani Green Energy stock went up 10.5% to the intra day high of Rs 931.90 against the previous close of Rs 887.5 on the BSE. The stock was lower earlier in the day at Rs 843.20, a 52 week low of 5%. Adani Green stock is trading lower than the 50 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has fallen 55.29 per cent in a year and lost 53.15 per cent in 2023.
There were 4.73 lakh shares of the firm changed hands, which was a turnover of Rs 42 crore on the BSE. The firm's market cap rose to 1.42 lakh crore. Abhijeet of Tips 2 Trade said that Rs 1,081 will be strong support for Adani Green on the Daily charts. A close below the above-mentioned support could see a further fall to Rs 771. The resistance will be at 1285. In January, Adani Green Energy AGEL said its sale of energy increased by 9% YoY, to 2,507 million units in Q 3 FY 23 as opposed to 2,300 million units in Q 3 FY 22.
The sale of solar energy was backed by 150 megawatt MW commissioned in Rajasthan in November 2022 and 140 basis points bps improvement in capacity utilisation factor CUF, the firm said in its Q 3 operational update.
The solar portfolio CUF improved from 140 bps to 23.3% mainly due to the integration of the SB Energy portfolio and improved plant grid availability, 40 bps improvement in plant availability, 30 bps improvement in grid availability and improved solar irradiation.
Adani Green Energy saw a 49% increase in net profit at Rs 149 crore in Q 2 of the current fiscal, despite the fact that margins dipped. In Q2 revenue rose 22.47% to Rs 1586 crore compared to Rs 1295 crore a year earlier, as overall power sales rose 61%.
Sales from wind projects decreased by 9% to 429 million units on-year due to one-off disruption in a transmission line, and the contribution from solar projects went up 63% on-year to 2,327 million units. Solar-wind hybrid projects saw the sale of 311 million units for the first time.
Adani Group companies are still eligible to be included in its influential bond indexes, according to JPMorgan. The note came after Credit Suisse, Citigroup and Standard Chartered stated over the past few days that they will stop accepting Adani bonds as collateral for margin loans.
The conglomerate has a total notional value of $7.7 billion in JPMorgan's Corporate Emerging Market Bond Index CEMBI and Asia Credit Index JACI indexes, the lender said on Monday. CEMBI tracks dollar debt issued by emerging market corporations, while JACI tracks the total return performance of the Asia fixed-rate bond market.