New Delhi, March 17 -- After facing a steep decline of over 59 percent over the past five months, Adani Green Energy has staged a strong recovery in March, gaining over 15 percent so far. This rebound follows a bullish outlook from multiple global brokerages, which see substantial upside potential for the stock as the company plays a pivotal role in India's renewable energy transition.

Macquarie has initiated coverage on Adani Green Energy with an 'Outperform' rating and a target price of Rs.1,200 per share, implying a 37 percent upside from current levels. Under its bull-case scenario, the brokerage estimates the stock could rise to as high as Rs.2,600-signalling a potential rally of nearly 200 percent from recent closing levels.

Meanw...