Shares of Adani Green Energy slipped over 6% in a weak market today despite the Adani Group firm announcing that its arm Adani Renewable Energy Holding Two Ltd will buy 50 per cent stake in Essel Saurya Urja Company of Rajasthan Ltd from Essel Infraprojects for Rs 15 crore. Adani Green Energy stock fell 6.36% to Rs 1,961.75 compared to the previous close of Rs 209.05 on BSE. The large cap stock has been falling for the last two sessions. In one year, the stock has gained 3% and risen 3.31% since the beginning of this year. The Adani Group firm’s market capitalisation fell to Rs 3.16 lakh crore on BSE.
In terms of technicals, the relative strength index (RSI) of Adani Green Energy stock stands at 61.2, signaling neither the stock is overbought nor oversold. The stock has a one-year beta of 1, indicating average volatility during the period. Adani Green Energy shares are trading higher than the 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.
Adani Renewable Energy Holding Two Ltd (ESUCRL) has inked a binding term sheet with Essel Infraprojects on January 17, 2023 to this effect, Adani Green Energy said.
The remaining 50 per cent of the equity shares will continue to be held by the government of Rajasthan. ESUCRL owns and operates a solar park with 750 MW capacity in Rajasthan. It had a turnover of Rs 9.87 crore in 2021-22. The authorised capital of ESUCRL is Rs 50 crore while the paid up capital is Rs 46.56 crore. ESUCRL develops solar parks to enable setting up renewable energy generation plants by developers.
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