Adani Energy Solutions stock in news as promoters bought 2.4 cr shares via open market

Shares of Adani Energy Solutions Ltd are in news today after the Adani Group firm's promoters raised their stake from 70.41% to 72.56% between August 16 and September 14. Promoters bought nearly 2.4 crore shares during this period from the open market.The promoter holding at the end of June quarter stood at 68.28% as per the shareholding data on BSE.

Shares of Adani Energy Solutions, formerly listed as Adani Transmission, ended 0.60% lower at Rs 846.40 against the previous close of Rs 851.55 on BSE. The energy stock opened flat at Rs 851.75 15 on Friday. Total 0.53 lakh shares of the firm changed hands amounting to a turnover of Rs 4.49 crore on BSE. Market cap of the firm stood at Rs 94,415 crore. The stock has a one-year beta of 1.4, indicating very high volatility during the period.

ALSO READ: Adani Power, Tata Steel, ITC: Trading strategies for these buzzing largecap stocks

Gelt Bery Trade and Investment Limited, one of the promoter groups of the company communicated to the bourses on Saturday about raising 2.5% stake in the company.

In terms of technicals, the relative strength index (RSI) of the stock stands at 50.9, signaling the stock is neither overbought nor oversold on technical charts. Adani Energy Solutions shares are trading higher than the 10 day, 50 day and 100 day but lower than the 5 day, 20 day, 30 day, 50 day and 200 day moving averages. The 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 Adani Group firm reported a 6% fall in consolidated profit came to Rs 175.06 crore in Q1 FY24 against Rs 185.99 crore in the year-ago period. Revenue climbed to 16% to Rs 3,772.25 crore in the June 2023 quarter from Rs 3,249.74 crore in the same period last year. Sequentially, profit fell 55.05 per cent in Q1 FY24 from Rs 389.45 crore in Q4 FY23.