Adani Green share price jumps 2% after Moody’s changes outlook to stable from negative

Adani Green Energy Limited witnessed a nearly 2% surge in its share price after Moody’s Investors Service changed its outlook from “Negative” to “Stable”. This decision comes a year after Moody’s had initially revised the outlook to “Negative” on four Adani Group firms following a contentious report by Hindenburg Research.

The global ratings agency announced the revision, stating that it applies to Adani Green Energy, Adani Green Energy Restricted Group (AGEL – RG-1), Adani Transmission Step One, and Adani Electricity Mumbai. This shift in outlook reflects improved confidence in the financial stability and prospects of these companies.

Advertisement

As of 11:38 am, Adani Green’s shares were trading 1.46% higher at ₹1,842.00, indicating positive market sentiment towards the news.

Additionally, Adani Green Energy Limited announced the operationalization of 551 MW solar power projects in Gujarat, which has expanded its total operational renewable generation capacity to 9,029 MW. The company remains committed to its ambitious vision of achieving a capacity of 45 GW by 2030. Power generation from these projects commenced on February 14, 2024, further solidifying Adani Green’s position in the renewable energy sector.