Adani Green Energy shares tumble over 12% amid block deal reports

As per reports, 2.7% equity changed hands in a block deal in Adani Green Energy. The buyers and sellers in the deal are not known.

The shareholding data available with the exchanges shows that a 56.27% stake in the firm is held by the promoter and promoter group, while the rest lies with the public as of June 30, 2023.

At 10.10 am, the scrip was trading 4% lower at Rs 972.2 over its last day’s closing price of Rs 1,012.5 apiece. On a year-to-date basis, the stock has declined 48%. Although, it has lost 62% from its 52-week high of Rs 2,574.05.

In Q1 FY24, Adani Green’s consolidated net profit rose 51% year-on-year (YoY) to Rs 323 crore for the quarter ended June 2023. It was Rs 214 crore in the last year quarter. Its revenue from operations jumped 33% to Rs 2,176 crore for the April-June period, compared with Rs 1,635 crore in the corresponding period of last year.

Meanwhile, revenue from power supply was up 55% YoY to Rs 2,059 crore in the first quarter. EBITDA for this segment stood at Rs 1,938 crore, up by 53% YoY.

The operational capacity during the quarter increased by 43% YoY to 8,316 MW with an addition of 1,750 MW solar wind Hybrid, 212 MW solar, and 554 MW wind power plants over the last year.As per Trendlyne data, the average target price of the stock is Rs 402, which shows a downside of 59% from the current market prices. The consensus recommendation from one analyst for the stock is a sell.

Technically, the stock’s day RSI (14) is at 48.7. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 27.6, which is above its center line, but below the signal line.

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