Adani Green Energy Limited is reportedly planning to raise $400 million through an offshore loan for an upcoming renewable project, according to sources familiar with the matter as reported by Bloomberg. However, this information has not been independently confirmed by India Today.
The company's shares were recently trading slightly lower, and both the BSE and NSE stock exchanges have placed Adani Green's securities under a long-term Additional Surveillance Measure (ASM) framework, which alerts investors to significant changes in share prices.
Adani Green's market value currently stands at Rs 3,03,326.38 crore. From a technical perspective, the share price is above various moving averages such as the 5-day and 10-day averages. The 14-day Relative Strength Index (RSI) is at 55.98, indicating moderate strength in the stock. A level below 30 on the RSI is considered oversold, while a level above 70 is deemed overbought.
The company's stock has a negative Price-to-Earnings (P/E) ratio of 464.98 and an earnings per share (EPS) of 0.61.
India aims to significantly increase its clean energy capacity by nearly tripling it by the end of the decade, primarily through solar and wind projects. This initiative aims to reduce the country's dependence on fossil fuels. To achieve this goal, India plans to invest $30 billion in constructing transmission lines to connect green power to the grid.
