Adani Green Energy Stock Has Gained 614% since April but No Analyst Has Covered It

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Adani Green Energy Stock Has Gained 614% since April but No Analyst Has Covered It
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Whenever any stock is on a tear, analysts trip over themselves trying to explain why the stock is going up so that they can claim to be one of the first people to call the rally. However, sometimes a stock just slips through the gap.

Adani (NS: APSE ) Green Energy Ltd (NS: ADNA ) is one such stock. The stock was trading at Rs. 153 at the end of March. It was seemingly unaffected by the pandemic that hit the world in March as it was trading at Rs. 163 at the end of February.

From April onwards, the stock has steadily gained momentum and is trading at Rs. 1,094 at the time of this report. On one hand, the company’s stock price rise can be justified by saying that the world is increasingly moving toward renewable sources of energy and the company has a lot of value that can be unlocked. However, if there is indeed so much value in it, why isn’t there a line of analysts waiting to justify the price rise?

According to Bloomberg, its data shows that Adani Green is one of the most illiquid stocks in the Nifty with a free float of only 21%.

The company made its debut on the exchanges in June 2018. It closed day one on Rs 29.45. An investment of Rs 1 lakh then would be worth close to Rs 37.3 lakhs today.

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