look news india
Adani Green Share Price: Adani Green Energy shares are in FOX today, July 29. Brokerage house Jefferies has initiated coverage on this company of Adani Group with a buy rating. The brokerage believes that strong industry conditions can prove to be very beneficial for Adani Green. Jefferies has given Adani Green a target of Rs 2,130 per share, which is about 18 percent higher than the previous close. After this report, Adani Green shares opened with gains today and touched the level of Rs 1838.95 during the day's trading.
Jefferies said Adani Group is working on a 30 GW project in Khavda, Gujarat, which could prove to be the biggest 'game-changer' for it. The company commissioned 551 MW solar capacity at Khavda on February 14, which is supplying power to the national grid.
Adani Energy said in a notice to the stock exchanges that it plans to develop 30 GW of renewable energy capacity in the RE park. This capacity is expected to continue for the next 5 years. When completed, Khavda RE Park will be the world's largest power plant.
Jefferies said Adani Green's balance sheet leverage will decline from 6.4 times to 2.8 times in 2030. In addition, the company's capital management is very good and it is investing wisely. The success of the Khavda solar plant is considered very important for the future of Adani Green. The project will increase the company's renewable energy capacity and allow it to make a significant contribution to the national energy grid.
At around 12:43 pm on NSE, Adani Green shares were trading at Rs 1839.20 with a gain of 1.97 per cent. So far this year, the company's shares have gained about 14.73 per cent. In the last one year, the company's shares have gained about 67.96 per cent.
The total revenue of Adani Group in the June quarter of the current financial year increased by 22.5 percent to Rs 3,122 crore from Rs 2,550 crore in the same quarter a year ago. The company has increased its capacity by 2618 MW during the last one year, which has helped it increase its revenue and operating profit.