Adani Enterprises share price jumps 4%, firm joins hands with TotalEnergies to invest $50 bn in green hydrogen Adani Enterprises share price surged nearly 4 per cent to Rs 2,161.90 apiece on BSE on Tuesday. French energy major TotalEnergies will pick a 25 per cent stake in Adani New Industries (ANIL) from Adani Enterprises to jointly build the world’s largest green hydrogen ecosystem. Adani New Industries will invest over $50 billion over the next 10 years in green hydrogen and associated ecosystems. In the initial phase, the company will develop green hydrogen production capacity of 1 million ton per annum before 2030. Adani Enterprises stock has risen 44 per cent in one year, 26 per cent in six months, and 25.8 per cent so far in the year. In the traded volume terms, a total of 1.02 lakh shares have exchanged hands, while 24.92 lakh stocks traded on the National Stock Exchange so far in the trade. Adani New Industries intends to become the largest fully integrated green hydrogen player in the world, with presence across the entire value chain, from the manufacturing of renewables and green hydrogen equipment (solar panels, wind turbines, electrolysers, etc.), to large scale generation of green hydrogen, to downstream facilities producing green hydrogen derivatives. In September 2021, Gautam Adani had said that Adani Enterprises will invest $20 billion over the next 10 years in renewable energy generation and component manufacturing and will produce the world’s cheapest green electron. Adani planned to triple its renewable power generation capacity over the next four years, foray into green hydrogen production, power all data centres with renewable energy, turn its ports into net carbon zero by 2025, and plans to spend over 75 per cent of capital expenditure until 2025 in green technologies.
The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.