Adani Green Energy Share Hits Upper Circuit as Firm Eyes Softbank’s Majority Stake in SB Energy
Adani Green Energy stock touched an intraday high of Rs 1142.55, rising 5% on BSE. Later, the stock closed at same level.
Adani Green Energy share hit upper circuit of 5% today amid reports that the firm was vetting a proposal to buy out Japan’s SoftBank Group’s majority stake in solar power producer SB Energy.
Adani Green Energy stock opened with a gain of 4.67% at Rs 1,139 on BSE. The stock has gained 8.81% in the last 2 days and has risen 8.81% returns in the period. The large cap stock touched an intraday high of Rs 1142.55, rising 5% on BSE. Later, the stock closed at same level.
Adani Green stock stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 396% in one year and risen 8.55% since the beginning of this year. Market cap of the firm rose to Rs 1.78 lakh crore on BSE.
Earlier, a plan to sell SoftBank’s entire 80% stake in SB Energy to Canada Pension Plan Investment Board (CPPIB) for an estimated $525 million had failed.
SB Energy has a portfolio of 7.7 gigawatts (GW) in India. Bharti Enterprises Ltd owns the remaining 20% stake in the company. Bank of America and Barclays were handling the sale process. France’s Total has invested $2.5 billion for acquiring a 50% stake in 2.35GW operating solar assets of AGEL and a 20% stake in AGEL. With 3.47GW operational capacity and 15.24GW portfolio, the Adani-Total JV plans to commission 25GW by 2025.
Meanwhile, benchmark indices started the week on a strong note amid a fall in daily Covid-19 cases and a strong rally in banking stocks. While Sensex rallied 848 points to 49,580, Nifty soared 245 points to 14,923. Top Sensex gainers were IndusInd Bank, SBI, ICICI Bank, HDFC twins, Axis Bank, Bajaj Finserv and UltraTech Cement rallying up to 7%.