Electricity Due to strong demand and rapid growth of the industry, Adani Green is aggressively expanding its capacity. In such a situation, the stock of this renewable company of Adani Group can see a rise of 75 percent in a bull-case situation. This information has been given in a report by Jefferies. The global brokerage firm has set the target of the company’s share price at Rs 2,130 per share, which is 17 percent more than its last price of the previous trading session.
By 1 pm on Monday, Adani Green’s stock was trading 2.39% higher at Rs 1,846.85. Jefferies has predicted that Adani Green’s stock could rise 75% from the current price to Rs 3,180. This is because the company aims to expand its capacity to 50 gigawatts by 2030. In the report, Jefferies said that the Khavda renewable energy plant will prove to be a ‘game-changer’ for Adani Green.
Khavda Renewable Energy will benefit
Let us tell you, the Khavda Renewable Energy Plant is spread over 538 square kilometers and it is five times bigger than the city of Paris. The total capacity of this plant will be 30 gigawatts, which is to be developed by 2029. Within 12 months of the ground breaking ceremony, the company has started 2 gigawatts of capacity at the Khavda Renewable Energy Plant and the company has planned to add a total capacity of 6 gigawatts in FY25.
Adani Green Energy’s profit increased
Adani Green Energy’s profit rose 95 per cent to Rs 629 crore in the first quarter of FY25. Global brokerages have estimated that capital expenditure in the power sector could grow 2.2 times to $280 billion between FY24-30. Adani Green Energy’s first wind power plant of 250 MW capacity was commissioned at Khavda Renewable Energy Plant last week.
Input: IANS
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