Adani Transmission, Adani Total resume fall, slip up to 4% today; here's what tech charts hint
Adani shares: Adani Total Gas shares dropped 3.73 per cent to hit a day low of Rs 668. The counter has lost 80.93 per cent so far this year. The stock was last seen trading lower than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day RSI came at 35.37. The company's stock has a P/E ratio of 144.04. It has a P/B value of 25.98.
- Jun 2, 2023,
- Updated Jun 2, 2023 2:30 PM IST
Shares of Adani Transmission Ltd and Adani Total Gas Ltd slipped back into the red in Friday's trade. The fresh weakness in the two stocks came just a day after their scheduled exit from MSCI Global Standard Index. Adani Transmission and Adani Total were deleted from MSCI global index on June 1, the global equity index said.
Shares of Adani Transmission fell 3.08 per cent to hit a day low of Rs 791.30 over its previous close of Rs 816.40. On a year-to-date (YTD) basis, the stock has lost 68.76 per cent. On the technical setup, the stock was last seen trading lower than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 39.98. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 486.82. It has a price-to-book (P/B) value of 8.95.
The scrip has a one-year beta of 1.29, indicating high volatility on the counter.
Five out of 10 listed Adani stocks were seen trading lower today. Group's flagship firm Adani Enterprises slipped 2.67 per cent to hit a day low of Rs 2,425.80 after it decided to terminate the share purchase agreement with MAIF Investments. Adani Wilmar and Adani Green Energy fell a per cent, each.
Adani shares saw a massive market value erosion since January 24, when US-based short seller Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate. Adani Group, however, denied all the allegations. The stocks later staged a strong comeback after US boutique investment firm GQG Partners announced a cumulative investment in four Adani firms.
In the case of Adani Total, shares dropped 3.73 per cent to hit a day low of Rs 668. The counter has lost 80.93 per cent so far this year. The stock was last seen trading lower than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day RSI came at 35.37. The company's stock has a P/E ratio of 144.04. It has a P/B value of 25.98.
The scrip has a one-year beta of 1.49, indicating high volatility. And, support on the counter could be seen at Rs 620, followed by Rs 600 levels.
"Adani Total looks bearish but also oversold on the daily charts with next support now at Rs 620. Investors should buy only if a daily close is above the resistance of Rs 710 for higher targets of Rs 854-1,040 in the near term," said AR Ramachandran from Tips2trades said.
"It is better to take an exit if the stock price does not sustain at Rs 600 levels. If the price shows sustainability at the Rs 600 range, then expected targets are between Rs 800 and Rs 1,000," said VLA Ambala, Research Analyst at Stock Market Today.
In a separate development, Adani plans to raise about $3.50 billion through an equity share sale to institutional investors, news agency PTI reported citing sources. The entire fundraising, which would go to fund the capital expenditure needs of the group, is likely to be completed within the second quarter (July-September) of the current fiscal (Q2 FY24), the report further mentioned.
Meanwhile, Indian equity benchmarks traded higher in afternoon deals today, led by gains in banks, financials, metals, consumer and automobile stocks.
Also read: Coal India shares: OFS opens for retail investors today; here are stock price targets
Shares of Adani Transmission Ltd and Adani Total Gas Ltd slipped back into the red in Friday's trade. The fresh weakness in the two stocks came just a day after their scheduled exit from MSCI Global Standard Index. Adani Transmission and Adani Total were deleted from MSCI global index on June 1, the global equity index said.
Shares of Adani Transmission fell 3.08 per cent to hit a day low of Rs 791.30 over its previous close of Rs 816.40. On a year-to-date (YTD) basis, the stock has lost 68.76 per cent. On the technical setup, the stock was last seen trading lower than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 39.98. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 486.82. It has a price-to-book (P/B) value of 8.95.
The scrip has a one-year beta of 1.29, indicating high volatility on the counter.
Five out of 10 listed Adani stocks were seen trading lower today. Group's flagship firm Adani Enterprises slipped 2.67 per cent to hit a day low of Rs 2,425.80 after it decided to terminate the share purchase agreement with MAIF Investments. Adani Wilmar and Adani Green Energy fell a per cent, each.
Adani shares saw a massive market value erosion since January 24, when US-based short seller Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate. Adani Group, however, denied all the allegations. The stocks later staged a strong comeback after US boutique investment firm GQG Partners announced a cumulative investment in four Adani firms.
In the case of Adani Total, shares dropped 3.73 per cent to hit a day low of Rs 668. The counter has lost 80.93 per cent so far this year. The stock was last seen trading lower than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day RSI came at 35.37. The company's stock has a P/E ratio of 144.04. It has a P/B value of 25.98.
The scrip has a one-year beta of 1.49, indicating high volatility. And, support on the counter could be seen at Rs 620, followed by Rs 600 levels.
"Adani Total looks bearish but also oversold on the daily charts with next support now at Rs 620. Investors should buy only if a daily close is above the resistance of Rs 710 for higher targets of Rs 854-1,040 in the near term," said AR Ramachandran from Tips2trades said.
"It is better to take an exit if the stock price does not sustain at Rs 600 levels. If the price shows sustainability at the Rs 600 range, then expected targets are between Rs 800 and Rs 1,000," said VLA Ambala, Research Analyst at Stock Market Today.
In a separate development, Adani plans to raise about $3.50 billion through an equity share sale to institutional investors, news agency PTI reported citing sources. The entire fundraising, which would go to fund the capital expenditure needs of the group, is likely to be completed within the second quarter (July-September) of the current fiscal (Q2 FY24), the report further mentioned.
Meanwhile, Indian equity benchmarks traded higher in afternoon deals today, led by gains in banks, financials, metals, consumer and automobile stocks.
Also read: Coal India shares: OFS opens for retail investors today; here are stock price targets