Adani Green Energy Ltd (AGEL) witnessed a stellar rally, soaring by 23% in a single trading session, reaching ₹1,333.90. The stock’s inclusion in the Futures & Options (F&O) segment, effective November 29, 2024, has significantly boosted its liquidity and appeal among traders.
Key Highlights:
- F&O Inclusion: Adani Green Energy and two other Adani Group companies have entered the F&O segment, enhancing trading opportunities.
- Solar Project Delays: AGEL’s 3,000 MW solar project in Andhra Pradesh faces transmission infrastructure delays, pushing timelines to 2025-26. Meanwhile, the company has been selling power at higher rates on exchanges.
- Legal Scrutiny: AGEL faces allegations from the US Department of Justice (DoJ) regarding securities fraud and wire fraud conspiracy but denies all charges, clarifying the allegations are unrelated to the Foreign Corrupt Practices Act (FCPA).
The stock’s robust performance underscores trader optimism despite ongoing scrutiny and project delays.
