Adani Enterprises stock rises 3% due to a hydrogen deal with TotalEnergies in France

14 Jun 2022 , 11:52 AM

Adani Enterprises’ stock rose 3% as a result of its agreement with TotalEnergies, a French energy company. According to Adani Enterprises, the Adani group and TotalEnergies have formed a partnership to establish the world’s largest green hydrogen ecosystem.

TotalEnergies would buy a 25% minority stake in Adani New Industries Ltd (ANIL) from Adani Enterprises as part of the deal. ANIL’s ambition is to invest over $50 billion over the next 10 years in green hydrogen and associated ecosystems.

Before 2030, ANIL aims to create a green hydrogen production capacity of one million tonnes per year in the first phase. On 27 April 2022 and 14 June 2021, the stock reached a 52-week high of Rs 2,420 and a 52-week low of Rs 1201.10, respectively.

Adani Transmission, Adani Power, and Adani Green Energy are among the other Adani Group equities that are up 1-4%.