NEW DELHI: Shares of Adani
Green Energy climbed 5 per cent in Monday’s trade after the Adani group company signed definitive agreements with
SkyPower Global to acquire 100 per cent stake in a special purpose vehicle (SPV) that owns 50 MW operating solar assets in Telangana.
The project was commissioned in October 2017 and has a long-term power purchase agreement (PPA) with the Southern Power Distribution Company of Telangana.
Following the development. The scrip hit its 5 per cent upper circuit limit at Rs 1,251.05 on BSE.
With this acquisition, AGEL shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW. The closing of the transaction is subject to customary approvals and conditions.
10 stocks that analysts recommend for handsome returns in the near term
Money-making Ideas
Amid uncertainties on Dalal Street triggered by rising bond yields and increasing Covid-19 cases, the focus will remain on stock-specific action. Here are a few stocks that analysts say can help investors earn significant returns in the next few weeks:
Balrampur Chini Mills | Buy | Target: Rs 217
The stock has corrected more than 8 per cent from its all-time high registered last week. Currently, it is trading near its 20-day simple moving average, trading near an important retracement level on the weekly chart, indicating high chances of a trend reversal in the short term. In addition, on the weekly and monthly charts, the stock has maintained a higher bottom series pattern, which has helped positional traders take a positive stance near the crucial support zone.
(Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities)
Bandhan Bank | Buy | Target: Rs 370
The stock is hovering in the range of Rs 320-360 after a sharp correction. However, the medium-term wave structure of Bandhan Bank is still on the positive side. Hence, an ideal strategy should be to add this stock near its support levels. Moreover, it has taken strong support near a 200-day simple moving average along with modest volume activity. A strong bullish candle on the daily chart indicates high chances of a fresh uptrend from current levels.
(Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities)
SBI Life | Buy | Target: Rs 970
The stock has registered a sharp surge in the recent past, but it has failed to sustain higher levels after the Rs 955 breakout and corrected nearly 10 per cent due to consistent selling pressure. However, the medium-term structure of the stock is still on the positive side, and likely to continue in the near term. In addition, on the weekly charts, the stock is still maintaining a higher bottom series formation, which is broadly positive. Currently, the stock is trading near an important retracement support level, and the structure of the charts suggests high chances of a fresh uptrend wave from current levels.
(Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities)
Persistent Systems | Buy | Target: Rs 2,100
The stock has broken out on the daily chart with higher volumes, where it closed at an all-time high. Oscillators like RSI and MFI are showing strength, and the directional indicator is placed above the minus side while ADX is placed above 20, indicating momentum in the current uptrend. Technology as a sector is looking good on the chart from the short- to medium-term perspective. Buying is recommended at the CMP of Rs 1,942 for a target of Rs 2,100 with a stop loss at Rs 1,860.
(Analyst: Nandish Shah, Technical Research Analyst, HDFC Securities)
Vneet S Jaain, MD and CEO, Adani Green Energy, said in the statement, “Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of the our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.”
AGEL, a part of India-based Adani Group, has one of the largest global renewable portfolios with 14.9 GW of operating, under-construction and awarded projects catering to investment-grade counterparties.
The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.
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