Adani Power shares: Two factors why the Adani Group stock is in news today 

Shares of Adani Power are in news today after the Adani Group firm said the Adani Group firm has inked a Power Supply Agreement (PSA) for supply of 1,496 MW (net) for a period of 25 years with the Maharashtra State Electricity Distribution Company Limited (MSEDCL).

In a separate development, CRISIL Ratings has revised the outlook of the credit rating assigned to the bank loan facilities of Adani Power Limited worth Rs 38,000 crore from ‘CRISIL AA-/Stable’ to ‘CRISIL AA-/Positive’, the firm said in a communication to bourses. 

On Wednesday, the Adani Group stock ended 0.06% lower at Rs 591.45 against the previous close of Rs 591.80 on BSE. Market cap of Adani Power fell to Rs 2.28 lakh crore. A total of 1.34 lakh shares of the firm changed hands amounting to a turnover of Rs 7.93 crore on BSE.

In terms of technicals, the Adani Group stock is trading neither in the oversold zone, signals the relative strength index (RSI) of Adani Power which stands at 35.9.

Adani Power stock is trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages, signaling the stock is in a downtrend.

Adani Power reported a 50% fall in its consolidated net profit for the quarter ended September 2024 to Rs 3,298 crore as against Rs 6,594.17 crore posted in the year-ago period.

Revenue from operations in Q2 stood at Rs 13,339 crore, up 3% over Rs 12,991 crore reported in the corresponding quarter of the previous financial year.