Shares of Adani Green Energy rose as much as 10% in intraday trade on Friday after a subsidiary of the renewable energy producer received a commercial operational date certificate from Solar Energy Corporation of India (SECI) for solar PV cells and solar PV modules manufacturing plant located in Mundra, Gujarat.

The plant, owned by Mundra Solar Energy Limited, has a capacity of 2.0 gigawatt per annum. Adani Green Energy holds 26% shares of MSEL through its wholly-owned subsidiary Adani Renewable Energy Holding Four Limited (AREH4L). This manufacturing facility has been set up as part of a manufacturing-linked tender awarded to AREH4L, which is setting up 8 GW of solar power generation projects.

The Adani Group stock opened at ₹940.55 against its previous closing price of ₹938.15 apiece on the National Stock Exchange (NSE). The counter jumped 9.8% in intraday trade to touch a high of ₹1,024.95 apiece on the NSE, taking the green energy major's market cap to ₹1.57 lakh crore.

Shares of other Adani Group companies were also trading in green, taking the conglomerate's overall market capitalisation over the ₹11 lakh crore mark for the first time since February.

The Adani Power stock rose as much as 12% on Friday, days after GQG Partners Emerging Markets Equity Fund, Goldman Sachs GQG Partners International Opportunities Fund and their associates picked up 8.1% stake in the power company for ₹8,700 crore.

Earlier in June, GQG Partners raised its shareholding in two Adani Group companies by acquiring 1.6% in the group’s flagship Adani Enterprises and 2.2% in the renewable energy firm Adani Green Energy. In March this year, Rajiv Jain, the co-founder and chairman of GQG Partners, acquired minority stakes in four of the listed Adani Group companies for ₹15,446 crore. Listed on the Australian Stock Exchange, GQG Partners acquired stakes in Adani Enterprises, Adani Ports and Special Economic Zone Limited, Adani Green Energy, and Adani Transmission.

Shares of Adani Wilmar rose 6% in intraday trade to ₹393.55 apiece on the NSE.

Adani Green Energy, the renewable energy arm of the Adani group, reported 50.93% growth in consolidated net profit at ₹323 crore in the April-June quarter of FY23, compared with ₹214 crore in the same quarter last year. Revenue from operations surged 41.3% to ₹2,404 crore from ₹1,701 crore in the corresponding quarter last year.

The Ahmedabad-headquartered company posted a 55% YoY rise in cash profit to ₹1,051 crore in Q1 FY24, while revenue from power supply also grew by 55% to ₹2,059 crore. The EBITDA from power supply improved by 53% YoY ₹1,938 crore. With an operational capacity of 8,316 megawatt, Adani Green Energy continues to have the largest operating renewable energy portfolio in the country.

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