Adani Power share price: According to experts, it increased by 7% today as the company’s shares continued to rise.

Adani Power share price: According to experts, it increased by 7% today as the company’s shares continued to rise.

The stock, which saw a sharp decline after the assault by US-based short seller Hindenburg Research in February of this year, has subsequently made a spectacular comeback. In the last six months, it has recovered 89.02 per cent. Despite this, it has increased by 8.50% thus far in 2023.

In Monday’s trading, shares of Adani Power Ltd rose for a third consecutive day. The stock increased 6.84 per cent from its previous closing of Rs 304.65 to a day high of Rs 325.50. Today’s BSE trading volume was just 37.73 lakh shares, much less than the 2.77 crore share average for the previous two weeks. The counter’s turnover was Rs 120.64 crore, and it had a Rs 1,24,617.70 crore market capitalization (m-cap).

Today, Mahan Energen Ltd, previously known as Essar Power MP Ltd, informed Bharat Heavy Electricals Ltd (BHEL) that it had placed an order. Adani Power has a 100% ownership stake in Mahan Energen.

The Adani Group’s power division has made it clear that there have been no discussions for investment with Abu Dhabi National Energy Co PJSC (TAQA).

The stock, which saw a sharp decline after the assault by US-based short seller Hindenburg Research in February of this year, has subsequently made a spectacular comeback. In the last six months, it has recovered 89.02 percent. Despite this, it has increased by 8.50% thus far in 2023.

For the first quarter that concluded on June 30, 2023 (Q1 FY24), the corporation reported a great set of results. In Q1 FY24, the company’s net profit increased 83.30% to Rs 8,759 crore from Rs 4,780 crore in the same quarter the previous year.

Adani Power said that its consolidated total revenue increased by 16.80% to Rs 18,109 crore in Q1 FY24 from Rs 15,509 crore in the same quarter last year, mostly as a result of greater one-time revenue recognition for regulatory claims and late payment surcharges, as well as stronger volumes.

On the counter, experts had differing opinions on the technical setup. One of them said that the stock may find support around Rs. 305.

According to market guru Ravi Singh, Adani Power seems to be in good shape on both the long- and short-term moving averages. The trend is further supported by other momentum indicators like the RSI (Relative Strength Index) and MACD (Moving Average Convergence/Divergence). The stock might reach Rs 350 in the next weeks.

“Adani Power looks slightly bullish but also overbought on the daily charts with next resistance at Rs 335,” stated AR Ramachandran of Tips2trades. In the short term, the aim of Rs 283 might be reached by a daily close underneath the support of Rs 305.

Today’s stock was last observed trading above the SMAs of 5 days, 10 days, 20 days, 30 days, 50 days, 100 days, 150 days, and 200 days. The 14-day RSI for the counter was 76.98. Oversold is defined as a number below 30, and overbought as a value beyond 70. The price-to-equity (P/E) ratio of the company’s stock is 9.70, while the price-to-book (P/B) ratio is 4.41.

The stock’s one-year beta value is 1.04, which indicates medium volatility.

In the meanwhile, increases in technology, financial metal, healthcare, and consumer sectors propelled gains in Indian market indices today.

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