Adani Green Share Price 9 May 2024
Adani Green Energy Company was doing business with an increase in share price yesterday. Recently, the Sri Lankan government signed a 20-year electricity purchase agreement with Adani Green Energy Company, which is part of the Adani Group. The Sri Lankan government has signed agreements to establish a 484 megawatt wind energy plant in the northeast region.
During Tuesday’s trading session, Adani Green Energy Company’s shares were trading under pressure with heavy selling pressure after a sharp decline in the stock market. Adani Green Energy’s stock was trading at Rs 1,744.40, up 1.07% on Wednesday, May 8, 2024. On Thursday, May 9, 2024, the share was trading at Rs 1,756 with a 0.95% decline.
In Tuesday’s trading session, Adani Green Energy’s share was trading at Rs 1,725.10, down 2.28%. Energy Minister Kanchan Vijay Shekhar of Sri Lanka said on social media that the cost of buying electricity from Adani Green Energy Company will be much lower than the current energy production cost. The electricity rate will be Rs 39.02 per kilowatt-hour.
After approving the agreement with Adani Green Energy Company, the Sri Lankan government established a committee to evaluate the project proposal. As per the committee’s recommendations, the Sri Lankan government’s cabinet approved a final price of $8.26.
Adani Green Energy Limited reported a decrease of 38.85% in net profit to Rs 310 crore for the March quarter of 2023-24 on Tuesday. The company had recorded a net profit of Rs 507 crore in the January-March quarter of 2022-23. Adani Green Energy Company collected Rs 2,806 crore in the March quarter of the financial year 2023-24. In the March quarter of 2022-23, the company had collected Rs 2,977 crore in revenue.
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