Why Adani Green Shares Are At Upper Circuit Today

Adani Green’s share price continued to climb in the green on Tuesday as the markets opened after the long weekend.

What Happened: The company reported its earnings for the quarter ended March on Monday. The company’s revenue from operations stood at 2,598 crore, a massive 77% jump from the year-ago period when the company’s revenue stood at ₹1,461 crore. Revenue from the power supply business stood at ₹2,130 crore, up 89% year-over-year.

The company’s net profits for the review period stood at ₹507 crore. This is a multifold increase from the ₹121 crore profit the company booked in the year-ago period.

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The company sold a total of 4,642 million units of energy in the March quarter, up 56% YoY. A large chunk of the sales was solar energy at 2,872 million units, registering a growth of 6% YoY.

The Adani Group company also announced the appointment of Amit Singh as the Chief Executive Officer. He will take charge from May 11, 2023. The current CEO Vneet S. Jaain‘s designation changed
from Managing Director & Chief Executive Officer to Managing Director. Singh, an IIT Delhi Alum, has over two decades of experience in the “oilfield, energy transition, and digital advancement across the energy sector, with a thorough experience working in multiple geographies.”

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Price Action: Adani Green’s share price surged 5% to hit upper circuit at ₹998.55 as the markets opened for business on Tuesday.

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Posted In: MoversTrading IdeasAdani GreenAdani Group