Adani Transmission shares in focus today on nod to raise funds via QIP
Shares of Adani Transmission traded in the green for a majority of the session on Monday before ending in the red. The stock closed 0.36% lower at Rs 806.75 against the previous close of Rs 809.70 on BSE.
- Jun 20, 2023,
- Updated Jun 20, 2023 8:47 AM IST
Shares of Adani Transmission Ltd are in focus today after the Adani Group firm’s shareholders approved raising up to Rs 8,500 crore through issuance of equity shares on qualified institutional placement (QIP) basis. The Adani Group stock has been losing for the last two sessions.
On Monday, Adani Transmission shares traded in the green for a majority of the session before ending in the red. The stock closed 0.36% lower at Rs 806.75 against the previous close of Rs 809.70 on BSE. The stock opened higher at Rs 817.10 on BSE in the first trading session of this week. Adani Transmission shares have lost 60.2 percent in a year and fallen 69 percent since the beginning of this year. Total 0.80 lakh shares changed hands amounting to a turnover of Rs 6.46 crore on BSE. Market cap of the firm stood at Rs 89,992 crore.
The large-cap stock hit a 52-week high of Rs 4238.55 on September 16, 2022 and a 52-week low of Rs 630 on March 1, 2023. The stock is down 81% from 52-week high.
In terms of technicals, the relative strength index (RSI) of Adani Transmission stands at 42.2, signaling neither the stock is overbought nor oversold. The stock has been highly volatile with its beta at 1.4 in the last one year. Adani Transmission shares are trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Adani Transmission had sought shareholders' nod through postal ballot to raise up to Rs 8,500 crore by way of qualified institutional placement through issuance of equity shares and/or other eligible securities to eligible investors on May 15, 2023. According to the company's BSE filing, 98.64 percent votes were polled in favour of the resolution.
The company's board had approved the proposal at a meeting on May 13, 2023. Adani Transmission had earlier said it anticipates growth opportunities in its existing operations and continues to evaluate various avenues for organic expansion and achieving inorganic growth.
Toward this, the company continues to require capital for achieving such growth and expansion.
The stock is trading 81% lower to its record high after the Hindenburg report, which was released on January 24 this year, led to weak sentiment around the Adani Group stocks. In response, the Group called Hindenburg report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors.
Adani Group had said that the timing of the Hindenburg report's publication clearly betrays a brazen, mala fide intention to undermine the group's reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which was the biggest FPO ever in India.
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Shares of Adani Transmission Ltd are in focus today after the Adani Group firm’s shareholders approved raising up to Rs 8,500 crore through issuance of equity shares on qualified institutional placement (QIP) basis. The Adani Group stock has been losing for the last two sessions.
On Monday, Adani Transmission shares traded in the green for a majority of the session before ending in the red. The stock closed 0.36% lower at Rs 806.75 against the previous close of Rs 809.70 on BSE. The stock opened higher at Rs 817.10 on BSE in the first trading session of this week. Adani Transmission shares have lost 60.2 percent in a year and fallen 69 percent since the beginning of this year. Total 0.80 lakh shares changed hands amounting to a turnover of Rs 6.46 crore on BSE. Market cap of the firm stood at Rs 89,992 crore.
The large-cap stock hit a 52-week high of Rs 4238.55 on September 16, 2022 and a 52-week low of Rs 630 on March 1, 2023. The stock is down 81% from 52-week high.
In terms of technicals, the relative strength index (RSI) of Adani Transmission stands at 42.2, signaling neither the stock is overbought nor oversold. The stock has been highly volatile with its beta at 1.4 in the last one year. Adani Transmission shares are trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Adani Transmission had sought shareholders' nod through postal ballot to raise up to Rs 8,500 crore by way of qualified institutional placement through issuance of equity shares and/or other eligible securities to eligible investors on May 15, 2023. According to the company's BSE filing, 98.64 percent votes were polled in favour of the resolution.
The company's board had approved the proposal at a meeting on May 13, 2023. Adani Transmission had earlier said it anticipates growth opportunities in its existing operations and continues to evaluate various avenues for organic expansion and achieving inorganic growth.
Toward this, the company continues to require capital for achieving such growth and expansion.
The stock is trading 81% lower to its record high after the Hindenburg report, which was released on January 24 this year, led to weak sentiment around the Adani Group stocks. In response, the Group called Hindenburg report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors.
Adani Group had said that the timing of the Hindenburg report's publication clearly betrays a brazen, mala fide intention to undermine the group's reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which was the biggest FPO ever in India.
Also read: HDFC AMC shares in focus as Abrdn Investment looks to sell entire stake via block deal today
Also read: HDFC shares in focus as housing finance company sells 90% stake in HDFC Credila for Rs 9,060 crore