Adani Stocks In Big Bang! Adani Green Up 287% From 1-Year Low; Turns Rs 50,000 To Rs Rs 1.94 Lakh In 10 Months

Adani Group-backed stocks are in a big bang with double-digit returns in four consecutive days this week. Among these is the conglomerate's Adani Green Energy share price who by nearly 66% and reaching near the Rs 1,700 mark. This stock is now just Rs 486 away from hitting its new 52-week high. Adani Green just like its sibling stocks faced extreme selling pressure at the start of 2023 due to a bombshell report by US short seller Hindenburg.

But as the year is nearing to end, Adani Green along with other Adani stocks is in a flash run of bulls.

On BSE, in early trade, Adani Green shares rallied by 8.6% by hitting an intraday high of Rs 1,699.40 apiece, which is Rs 485.9 away from its 52-week high of Rs 2,185.30 apiece.

The last time Adani Green was in red was last week on December 1st when the stock dipped marginally to end at 1,026.55 apiece. But since the start of this week, Adani shares have witnessed extraordinary upside, at a staggering 65.54% on BSE.

But that is not all! Due to its impressive bullish tone, Adani Green's stock price has now emerged as a multi-bagger, by skyrocketing 286.8% on BSE from its 52-week low of Rs 439.35 apiece which was recorded on February 28. The month of February was highly bearish for Adani stocks due to controversial allegations in the Hindenburg report, and Adani Green too suffered the brunt of it.

Nevertheless, if an investor bought Adani Green shares on February 28, let's say invested Rs 50,000, then their investment value has now zoomed to Rs 1,93,395. This is nearly four-fold returns in less than 10 months.

Broadly, the Adani shares are rallying because as per the latest report, a US-based International Development Finance Corp (DFC) found the accusations made by Hindenburg Research against the port-to-energy conglomerate to be irrelevant. As per a Bloomberg report, DFC conducted a due diligence investigation before extending the conglomerate a $553-million loan for a container terminal in Sri Lanka.

Also, as per reports, a senior official of the US government stated that they considered Hindenburg Research's allegations of corporate fraud against the billionaire Gautam Adani's empire to be 'inconsequential'.

The news comes as a relief for investors as Hindenburg in its scandalous report dated January 24th had accused Adani Group of brazen stock manipulation and accounting fraud scheme over the course of decades. The Adani-Hindenburg was taken to a court hearing in India and last month, the Supreme Court concluded that there was no material doubt to Sebi's probe and reserved their judgement over the matter.

Apart from this, Adani Green has recorded some big developments this week.

Adani Green's Constructing Financing Framework:

On December 5th, Adani Green announced follow-on funding of $1.36 billion to further boost its Construction Financing Framework to $3 billion backed by a consortium of renowned international banks.

In its statement, Adani Green said, the green loan facility will play a pivotal role in enabling the development of AGEL's next milestone- the world's largest Renewable Energy Park at Khavda in Gujarat. The funding also marks a significant achievement in developing 2,167 MW at Khavda in the initial stage and shall be the stepping-stone for the future development of the Khavda renewable site. The world's largest RE park at Khavda will not only enable AGEL's vision of 45 GW operating renewable capacity by 2030 but will also play a critical role in India's net zero journey.

Additionally, the company has executed definitive agreements with 8 leading international banks, which are all returning lenders and instrumental in establishing AGEL's Construction Financing Framework since March 2021. The green loan facility has been extended by a consortium of lenders which include- BNP Paribas, Coöperatieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

This funding is an important element of AGEL's overall capital management plan and accelerated development program fostering accretive growth. AGEL's successful track record with the overall assurance structure of the construction framework is instrumental in securing the trust of the international lending community for enhanced commitments.

Further, Adani Green has attained the remarkable position of the second-largest global solar PV developer, in Mercom Capital Group's latest Annual Global Report.

According to the report, AGEL's outstanding performance and contribution to the renewable energy landscape have earned it the prestigious second rank among the world's foremost solar PV developers. With an impressive total solar capacity of 18.1 GW encompassing operational, under-construction, and awarded (PPA-contracted) projects, AGEL solidifies its significant position in the global solar energy sector. With a total capacity of 41.3 GW, France-based TotalEnergies emerged at the top.

As per Trendlyne data, currently, Adani Green Energy shares weekly average delivery volume is 28.04%. It is trading above 8 out of 8 SMAs, while the stock is above 7 out of 9 Oscillators in the bullish zone.

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