- By Aditya Pratap Singh
- Mon, 02 Dec 2024 03:36 PM (IST)
- Source:JND
Adani Green Energy Share Price: In the previous 4 trading days, the price of Adani Green Energy Limited shares climbed 60.66 per cent, and the company's shares continued the bullish momentum on Monday as well. The stock of Adani Group managed to reach an intra-day high of Rs 1,447.70 with a gain of 9.09 per cent on BSE. The stock plunged heavily after serious allegations were made against the Adani Group earlier last month. It was one of the most affected stocks among all listed Adani group stocks.
However, after hitting the intraday high at Rs 1447.70 per share on NSE, the Adani group stock scrapped all the intraday gains to close at Rs 1,328, up 0.31 per cent due to profit booking in afternoon trade.
The reason behind the rally in Adani Green Energy Stocks
The stock skyrocketed after Adani Group Chief Financial Officer Jugeshinder Singh shared the news that the group would reconsider the dollar bond, which the company withdrew following the bribery allegations. he said that It may come between April and June next year. He said that other companies of the group can also consider the sale of public bonds within a year. Adani Green Energy Limited withdrew its $600 million bond after US authorities accused it of intrusion.
Even after recent legal cases, Crisil has not made any change in its strong rating for Adani Group companies. The brokerage house says that Adani Group has sufficient liquidity and operational cash flow, which will not affect the company's debt repayment in the medium term.
Stock Market Today
The benchmark indices closed higher on Monday amid buying in blue chip stocks of Reliance Industries, Infosys and HDFC Bank and strong trends in US markets. Recovering early lost ground, the BSE benchmark Sensex rose 445.29 points, or 0.56 per cent, to 80,248.08. It hit an intraday high of 80,337.82 and a low of 79,308.95. The NSE Nifty rose 144.95 points, or 0.60 per cent, to 24,276.05.