Is it true that Adani Green Energy has entered the top-10 club in terms of market capitalization in the Indian markets?

The list of 10 most valuable companies in India by market has two sets of companies. There are companies that been in the top-10 consistently for a long time. These include Reliance Industries, TCS, HDFC Bank, Infosys and Hindustan Unilever. Then there are a number of companies that have been in and out of the list. SBI, Kotak Bank, Bharti Airtel, Wipro and HCL Tech belong to the list. The latest entrant to this top-10 list is Adani Green Energy.

It needs no reiteration that Adani Green Energy Ltd (AGEL) has had dream run, appreciating more than 20 times in the last 2-3 years. It is among the largest alternate and renewable energy companies in the world. The entry into the top-10 list happened after Adani Green Energy rallied by 25% on Friday and Monday and added another 5% on Tuesday taking its market cap to well about that of Bharti Airtel. That is AGEL story.

AGEL currently trades at a market cap of approximately Rs.4.39 trillion and a free float market cap of close to Rs.1 trillion. P/E ratio may not be too relevant but AGEL underlines that the shift is towards futuristic businesses. The latest trigger for the stock came from the confidence shown by International Holding Company (IHC) of the Abu Dhabi, which took preferential allotment of 20.02 million shares at Rs.1,923.25 per share worth Rs.3,850 crore.

Here is a quick look at how AGEL ranks in the market cap sweepstakes.