Blitz Bureau
New Delhi: Riding on strong industry tailwinds and power demand growth, Adani Green Energy’s stock grew an impressive 75 per cent in a bull-case scenario given the capacity expansion target, according to Jefferies.
The global brokerage firm has set a target price of Rs 2,130 apiece, implying a potential upside of 17 per cent from the previous close. In the morning trade on August 2, the share of Adani Green went up 1.5 per cent to 1,830 apiece.
However, Jefferies has put a more optimistic upside scenario, suggesting a potential stock price of Rs 3,180 — a 75 per cent upside from the current price — citing the company’s 50 gigawatt (GW) capacity target by 2030.
The game-changer for Adani Green is the Khavda plant in Gujarat. The Khavda renewable energy (RE) plant is spread over an area of 538 sq km, almost five times the city of Paris. Within 12 months of breaking ground, Adani Green Energy Limited (AGEL) already operationalised the first 2 GW and plans to add a total of 6 GW capacity in FY25 and Khavda will contribute a major part of this capacity.
