Last Updated: December 05, 2023, 11:22 IST
Adani Green Energy shares jump over 18% today. Here’s why
Adani Green Energy shares jump over 18% today. Here’s why
Shares of Adani Green Energy Limited (AEGL) surged 18.48 per cent at Rs 1,330.90 apiece. With this, the market capitalisation of the company rose to Rs 2.10 lakh crore. This comes after the company announced that it secured an additional $1.36 billion funding via senior debt facility.
“The financing will be a key enabler for developing the world’s largest renewable energy park at Khavda in Gujarat”, the company said in an exchange filing on December 5.
In the last month, Adani Green Energy stock has gained nearly 27 per cent.
The company highlighted that eight international banks were part of the financing, which will be a “key enabler for developing the world’s largest renewable energy park at Khavda in Gujarat”.
The consortium of lenders includes BNP Paribas, Co¶peratieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
Amit Singh, CEO, Adani Green Energy Ltd, said, “We believe, Construction Financing Framework is an essential element of our development agenda and supports our unwavering commitment to build a sustainable future. The funding not only validates our expertise as a developer and operator of strategically vital renewable energy projects but also demonstrates the trust by our financiers in our strategic vision.”
“We are committed to deliver the low-cost green electrons by leveraging technology, accelerating digital transformation, and continued focus on development and operational excellence. We are committed to expand our renewable power capacity to 45 GW by 2030 underscoring our dedication to mitigate climate change risks,” he added.
In other news, shares of Adani Group stocks rallied sharply higher on Tuesday after the Bloomberg reported US agency concluded accusations against the Guatam Adani-led conglomerate weren’t relevant. The news by the news agency citing US officials pushed the Adani stocks upwards.
According to the report by Bloomberg, a senior US official stated that the US government deemed Hindenburg Research’s accusations of corporate fraud against Indian billionaire Gautam Adani irrelevant. This decision was made before approving an extension of up to $553 million for his conglomerate’s container terminal project in Sri Lanka.
The focus of the International Development Finance Corp (DFC) during its due diligence investigation of the Adani Group was on the damning accusations outlined in a critical report by US-based Hindenburg Research.
Following the update, shares of Adani Enterprises Ltd surged more than 6 per cent to Rs 2681.75 on Tuesday. The flagship firm of Adani Group’s total market capitalization topped Rs 3 lakh crore mark once again. The stock has surged about 160 per cent from its 52-week lows.
Adani Ports and Special Economic Zone Ltd surged more than 5 per cent to hit new 52-week highs at Rs 924.80 on Monday. The Nifty50 constituent commanded a total market capitalization of more than Rs 2 lakh crore early in the session. The stock has gained 135 per cent from its 52-week lows.
Adani Energy Solutions Ltd and Adani Power Ltd gained 4 per cent each to Rs 938.10 and Rs 484.05 with a total market valuation close to Rs 1.05 lakh crore and Rs 1.85 lakh crore, respectively. Adani Wilmar rose more than 3 per cent to Rs 357 in the early session on Tuesday, with a total mcap of Rs 47,500 crore.
Among the acquired entities, Ambuja Cements was up by more than 5 per cent to Rs 499.95, while another cement player from the Adani pack was up 3 per cent to Rs 2088.50 early in the day. The combined mcap of these companies stood at Rs 1.4 lakh crore.
