Shares of Adani Green Energy (AGEL) hit a fresh record high of Rs 619, up 5 per cent on the BSE in intraday trade on Thursday, ahead of its April-June quarter (Q1FY21) result due on Friday, September 11.
The stock of Gautam Adani-led Adani Group renewable energy company has rallied 1,259 per cent in a year – from Rs 45.55 on September 9, 2019, as compared to a 3.5 per cent rise in the S&P BSE Sensex.
The sharp rally in the stock has helped the company surpass state-owned oil exploration & production company Oil and Natural Gas Corporation (ONGC) in terms of market capitalisation (m-cap). At 10:14 am, with Rs 93,692 crore m-cap, AGEL stood ahead of ONGC, which has a m-cap of Rs 92,905 crore. ONGC, on the other hand, has slipped 44 per cent in the past one year due to poor earnings.
