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Adani Green Energy shares jump 5% on forming JV with TOTAL

BusinessToday.In     April 8, 2020

Shares of Adani Green Energy closed nearly 5% higher today after the firm said it received Rs 3,707 crore for the formation of the joint-venture (JV) with French firm TOTAL. Adani Green Energy share price ended 4.72% higher at Rs 166.50 compared to the previous close of Rs 159 on BSE.

Adani Green Energy stock has risen 9.37% in last three days. It opened with a gain of 4.91% at Rs 166.80 today. The Adani Group firm's market capitalisation rose to Rs 26,040 crore on BSE.

The stock hit a upper circuit of 5% intra day and touched Rs 166.95 on BSE. Adani Green Energy share has gained 358% during the last one year and 9% during last one week.

"TOTAL S.A. (TOTAL), through its step-down subsidiary has invested approximately Rs 3,707 crore for a 50 percent partnership with Adani Green in a JV," the firm said in a regulatory filing.

"Through the establishment of the joint venture, both partners aim to adhere to the highest standards of governance and strengthen the foundation of the partnership between the two groups. The closing of the transaction in the current environment reinforces the strength of the relationship between the partners and further underscores the robust climate commitment of both partners," the BSE filing added.

Adani Green Energy is a major renewable energy firm in India. TOTAL is a energy player that produces and markets fuels, natural gas and low-carbon electricity.

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