Adani Green Energy Shares Are Trading In Green Today; Here's Why

Adani Green Energy shares traded in the green on Thursday despite weak trading on Dalal Street. The share price of Adani Green Energy was spotted trading 0.24% higher at Rs 1,011.35 per share at 10:06 am IST. The Indian equity market opened on a lower note today as the two benchmark indices Sensex and Nifty 50 were down 0.53% and 0.48% at 66,446.41 and 19,805.55 respectively, at the time of writing this article.

The share price of Adani Group's renewable energy firm has caught investors' attention lately. The stock grabbed attention today on a news report which said that the company can likely get a big chunk of its $1.5 billion fundraise plan from French Energy giant TotalEnergies SE.

In July this year, the Gautam Adani-led firm said that it would raise Rs 12,300 crore ($1.5 billion) by selling shares in a qualified institutional placement (QIP). The company's fundraise plan is expected to expand its green energy operations. Earlier, a media report had suggested that TotalEnergies is considering investing approximately $300 million in a new joint venture (JV) company with Adani Green Energy. Last week, a Bloomberg report also highlighted the possibility of Total acquiring stakes in a few of Adani Green Energy's projects with an aim to expand its clean energy portfolio.

In the last six months, Adani Green Energy shares have gained almost 13%. This reflects a recovery in the stock's share price after a report by the US Short Seller Hindenburg Research triggered a selloff in the company's shares earlier this year.

Meanwhile, the share price of another Adani group firm Adani Total gas also traded higher today. Adani Total Gas shares were up 1.22% at Rs 644.55 per share at 10:10 am IST.