Adani Power shares jump 7% today; here's what analysts say
Adani Power share price: The stock surged 6.74 per cent to hit a day high of Rs 745. It was last seen trading 4.36 per cent higher at Rs 728.35. At this price, the multibagger scrip has ascended by 200.91 per cent in a year.
- Jul 9, 2024,
- Updated Jul 9, 2024 2:22 PM IST
Shares of Adani Power Ltd recorded a sharp uptick in Tuesday's trade, snapping their three-day losing run. The stock surged 6.74 per cent to hit a day high of Rs 745. It was last seen trading 4.36 per cent higher at Rs 728.35. At this price, the multibagger scrip has ascended by 200.91 per cent in a year.
The counter saw heavy trading volume on BSE today as around 58.05 lakh shares changed hands at the time of writing this story. The figure was way more than the two-week average volume of 3.15 lakh shares.
Turnover on the counter came at Rs 423.22 crore, commanding a market capitalisation (m-cap) of Rs 2,80,843.01 crore. There were 99,720 sell orders against buy orders of 48,321 shares.
Analysts largely remained positive on Adani Power shares. Vinit Bolinjkar, Head of Research at Ventura Securities, suggested that investors can hold this counter for the long-term.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock is indicating a trend reversal, signalling a buy. With charts looking good, we anticipate a further rise in the coming days and suggest buying it for an upside target of Rs 815-850 levels, keeping a stop loss of Rs 690."
The counter traded higher than the 5-day, 10-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs) but lower than the 20-day and 30-day SMAs. The counter's 14-day relative strength index (RSI) came at 53.67. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 10.01 against a price-to-book (P/B) value of 6.82. Earnings per share (EPS) stood at 69.70 with a return on equity of 68.15.
As of March 2024, promoters held a 71.75 per cent stake in the Adani Group firm.
Shares of Adani Power Ltd recorded a sharp uptick in Tuesday's trade, snapping their three-day losing run. The stock surged 6.74 per cent to hit a day high of Rs 745. It was last seen trading 4.36 per cent higher at Rs 728.35. At this price, the multibagger scrip has ascended by 200.91 per cent in a year.
The counter saw heavy trading volume on BSE today as around 58.05 lakh shares changed hands at the time of writing this story. The figure was way more than the two-week average volume of 3.15 lakh shares.
Turnover on the counter came at Rs 423.22 crore, commanding a market capitalisation (m-cap) of Rs 2,80,843.01 crore. There were 99,720 sell orders against buy orders of 48,321 shares.
Analysts largely remained positive on Adani Power shares. Vinit Bolinjkar, Head of Research at Ventura Securities, suggested that investors can hold this counter for the long-term.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock is indicating a trend reversal, signalling a buy. With charts looking good, we anticipate a further rise in the coming days and suggest buying it for an upside target of Rs 815-850 levels, keeping a stop loss of Rs 690."
The counter traded higher than the 5-day, 10-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs) but lower than the 20-day and 30-day SMAs. The counter's 14-day relative strength index (RSI) came at 53.67. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 10.01 against a price-to-book (P/B) value of 6.82. Earnings per share (EPS) stood at 69.70 with a return on equity of 68.15.
As of March 2024, promoters held a 71.75 per cent stake in the Adani Group firm.