Adani Green Energy raises $300 million on completion of JV with TotalEnergies; stock up 4%

Adani Green Energy Ltd (AGEL) on Wednesday announced the completion of its 1,050 MW joint venture (JV) with TotalEnergies. As a part of this JV, TotalEnergies has invested $300 million in AGEL subsidiary for acquiring a 50 per cent stake in the projects.

"The development follows a binding agreement about the JV announced between AGEL and TotalEnergies in September 2023. The JV houses the 1,050 MW portfolio comprising a mix of already operational (300 MW), under construction (500 MW) and under development assets (250 MW) with a blend of both solar & wind power projects in India," the renewable energy solutions partner stated in a BSE filing.

The stock today jumped 3.60 per cent to hit a high of Rs 1,657.50 over their previous close of Rs 1.599.90.

Bourses BSE and NSE have put the securities of Adani Green under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

Technical analysts largely suggested that the counter has strong resistance at the Rs 1,700 zone. Support could be seen at Rs 1,590, followed by Rs 1,575 and Rs 1,533 levels.

Jigar S Patel, Senior Manager - Technical Research at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 1,575 and resistance at Rs 1,700. Expected trading range will be between Rs 1,450 and Rs 1,750 for a month."

AR Ramachandran from Tips2trades said, "Adani Green Energy's stock price has strong resistance at Rs 1,700. A daily close below support of Rs 1,533 could lead to Rs 1,348 in the near term."

DRS Finvest founder Ravi Singh said, "Next expected target would be Rs 1,700. Keep stop loss placed at Rs 1,590."

TotalEnergies is a France-based energy and petroleum company. It also has a separate JV with Adani Total Gas.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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