This multibagger shot up 5,695% in past 3 years, further gains likely

Shares of Adani Green Energy surged more than 6 percent on Monday. The stock has been gaining for the past six days and has risen over 16 percent during the period.

At 14:21 IST, shares of the Ahmedabad-based renewable energy company were trading 4.7 percent higher at Rs 2,524 on the BSE.

This multi-bagger has soared 5,695 percent in the past three years.

The stock saw a spurt in volumes today, with a total traded quantity of 2.39 lakh shares as compared to its two-week average of 1.02 lakh shares.

Technical chartists believe the stock shows a positive trend.

"The stock is heading towards Rs 3,000-3,250," said Arpan Shah, Senior Research Analyst, Monarch Networth Capital. The stock is seen drawing support at Rs 2,050, he added.

Last week, a report said that the Adani Group company had received provisional approval from the Sri Lankan government for two wind projects in Manner and Pooneryn with an investment of $500 million.

With regards to this, BSE had sought clarification from the company.

Adani Green said in an exchange filing: “We wish to submit that the company, in its normal course, keeps on exploring various business opportunities. Please note that at this point in time, the company has received the provisional approval only, but it has yet to sign any definitive agreement that would require any disclosure”.

The company’s total income during the June quarter came in at Rs 1,701 crore from last year’s Rs 1,079 crore.