Shares of Adani Enterprises today surged nearly 11 per cent after the company said the pact with SunEdison for setting up a solar photovoltaic manufacturing facility in Gujarat is still in force.
The company's statement came in reply to the clarification sought by the leading exchange BSE on reports that Adani and SunEdison may drop joint venture plans.
The scrip of Adani opened at Rs 74 and climbed 13.63 per cent to hit an intra-day high of Rs 81.70 on BSE.
However, the stock eroded some of the gains and was quoted at Rs 79.60, up 10.71 per cent at the close of trade.
On the National Stock Exchange (NSE), similar trend was seen as the stock opened at Rs 73 and touched the day's high of Rs 81.75, higher by 13.54 per cent from its previous close.
At the close, the stock was quoted at Rs 79.50, up 10.42 percent from the previous close.
The gain is in line with BSE's benchmark Sensex surging 516.53 points to settle at 26,231.19, while 50-stocks Nifty rose 157.10 points to end at 7,948.95.
"The MoU (memorandum of understand)signed with SunEdison on December 30, 2014 is still subsisting," Adani Enterprises said in a regulatory filing.
Adani Enterprises had earlier entered into a pact with the US-based SunEdison for setting up a solar photovoltaic manufacturing unit in Gujarat at an investment of around Rs 25,000 crore that will create 20,000 jobs.
