Adani Green Shares Jump 8% On 534 MW Power Purchase Deal

Shares of Adani Green Energy Ltd. rose on Thursday after its step-down subsidiary, Adani Renewable Energy Fifty Nine Ltd., signed a power purchase agreement.

Adani Renewable has entered into a PPA with Solar Energy Corp. for the supply of 534 MW of solar power projects, an exchange filing said. Post execution, the total renewable energy project portfolio of the company will increase to 21,778 MWac capacity.

Shares of the company rose as much as 8.70% to the highest level since March 13, before paring gains to trade 6.43% higher at 10 a.m. This compares to a 0.18% advance in the NSE Nifty 50.

The stock has risen 160.73% in the last 12 months. The total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 48.

An analyst tracking the company suggests a 'sell' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 162.4%.