Adani Power share price jumps a day after Group’s $100bn energy plan

The stock jumped even as Sensex gained 106.23 points on Thursday and followed Gautam Adani’s announcement on Wednesday that he plans to invest over $100 billion in energy transition

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Share price of Adani Power reached Rs 743.45 on Thursday with a gain of 0.73 per cent after a high of Rs 746.95 and a low of Rs 735.0 during the session till 12.23 pm

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The share price of Adani Power reached Rs 743.45 on Thursday, registering a gain of 0.73 per cent, after hitting a high of Rs 746.95 and a low of Rs 735.0 during the session till 12.23 pm. The closing price of the stock in the previous session was Rs 738.

The stock jumped even as Sensex gained 106.23 points, and followed the Adani Group chairman Gautam Adani’s announcement on Wednesday that he plans to invest over $100 billion in energy transition.

ADANI’S 100-BILLION ENERGY BOOST

The Adani Group’s ambitious blueprint includes increasing manufacturing capacity to produce all essential components for the generation of green energy. The plan of action includes erecting facilities to manufacture electrolysers to generate green hydrogen, besides solar panels, solar parks, wind power turbines and wind farms.

“The next decade will see us invest more than $100 billion in the energy transition space and further expand our integrated renewable energy value-chain that today already spans manufacturing of every major component required for green energy generation,” Gautam Adani said while delivering a keynote address at Crisil’s ‘Infrastructure — The Catalyst for India’s Future’ event on Wednesday.

“As many of you know, in the case of India, our country aims to install 500 gigawatts of renewable energy capacity by 2030. This ambitious target will require annual investments of over $150 billion dollars. The transition to green energy in India is expected to generate millions of new jobs in sectors such as solar and wind, energy storage, hydrogen and its derivatives, EV charging stations, as well as grid infrastructure development,” the billionaire businessman added.

At the event Adani said India can add a trillion dollars to GDP every 12 to 18 months, which would cause market capitalisation to jump to $40 trillion by 2050 from $5.2 trillion, where it currently stands. This, in turn, means “over the next 26 years, we will potentially add $36 trillion to the stock market capitalisation”, he summed up.

The Adani Group’s existing business interests range from ports and Special Economic Zones (SEZ) to energy, power, solar panel manufacturing, data centres, urban gas distribution, cement and airports, among others.

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