Adani Green Energy Ltd share price fell as much as 2.84 per cent to Rs 920.55 apiece on BSE today. Adani Green Energy shares have corrected nearly 25 per cent in less than two months.
Adani Green Energy Ltd share price fell as much as 2.84 per cent to Rs 920.55 apiece intraday on BSE today. Adani Green Energy shares have corrected nearly 25 per cent in less than two months, from the 52-week high of Rs 1220 apiece. Today, French oil and energy group Total announced the acquisition of a 20 per cent minority stake in Adani Green Energy Limited (AGEL) from Adani Group for a global investment of $2.5 billion. Moreover, the stake purchase in AGEL would give Total a seat on the Board of Directors of the company.
The pullback in Adani Green Energy share price appears as a corrective move in relation to previous major up move, Abhishek Karande, CMT, Senior Research Analyst, Reliance Securities, told Financial Express Online. “This correction could possibly extend till 900-870 levels,” he said. Once the correction is complete, the primary uptrend could possibly resume as higher time frame charts remain firm and surpass the previous high’s of Rs 1200-mark, he added. Adani Green Energy Ltd shares ended 0.62 per cent up at Rs 953.45 apiece. In comparison, BSE Sensex fell 470 points or 0.96 per cent to 48,564.
Back in 2018, Total and Adani struck a partnership with investment by Total in Adani Gas Limited, city gas distribution business, associated LNG terminal business and gas marketing business. “During the development of this partnership, it was further agreed that Total and Adani shall continue this alliance into the wider renewable energy space. Total and Adani agreed to the acquisition of a 50% stake in a 2.35 GWac portfolio of operating solar assets owned by AGEL,” Total said in a press release.
As on date, AGEL has over 14.6 GW of contracted renewable capacity, with an operating capacity of 3 GW and another 3 GW under construction and 8.6 GW under development. By 2025, Adani Green Energy Ltd aims to achieve 25 GW of renewable power generation. “We have a shared vision of developing renewable power at affordable prices to enable a sustainable energy transformation in India. We look forward to working together towards delivering India’s vision for 450 GW renewable energy by 2030,” said Adani Group Chairman, Gautam Adani. On this partnership, Chairman and CEO of Total, Patrick Pouyanné said that given the size of the market, India is the right place to put into action the energy transition strategy based on two pillars: renewables and natural gas.