Why Shares of Azure Power Global Limited Jumped Today

Up until today, the dog days of summer had taken a pretty sizable bite out of shares of Azure Power (NYSE: AZRE), an independent renewable power utility located in India, with the stock plummeting more than 25% from the start of August through yesterday. As of 2:06 p.m. EDT, however, shares are bounding back today, rising 17.1%.

Powering the surge in the stock's rise today, Azure Power reported first-quarter 2022 results yesterday after the market closed. In addition to surpassing analysts' consensus revenue estimate of $56.6 million and reporting sales of $59.7 million, the company crushed earnings estimates, posting adjusted earnings per share of $0.19, a notable beat of analysts' expectation of $0.03.

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Source Fool.com