Adani Energy Solutions shares get credit rating upgrade; stock in focus today

Shares of Adani Energy Solutions Ltd are in focus today after the Adani Group firm received a rating upgrade from India ratings. Adani Energy Solutions shares ended 4.26% higher at Rs 848.95 on Tuesday. Market cap of the firm stood at Rs 1.01 lakh crore. Total 2.23 lakh shares changed hands amounting to a turnover of Rs 18.69 crore. 

"In accordance with Regulation 30(6) of the SEBI Listing Regulations, we wish to inform that India Ratings & Research has upgraded Adani Electricity Mumbai Limited’s (Material Subsidiary of the Company), Issuer Rating to ‘IND AAA’ from ‘IND AA+’, with a Stable Outlook," said Adani Energy Solutions. 

Adani Energy Solutions shares have gained 12% in a year but lost 20% in two years. 

In terms of technicals, the relative strength index (RSI) of Adani Energy Solutions stands at 33.8, signaling it's trading neither in the oversold zone. Adani Energy Solutions 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.

Adani Energy Solutions is the country’s largest private transmission company, with a presence across 16 states of India and a cumulative transmission network of 19,800 ckm and 53,000 MVA transformation capacity. In its distribution business, Adani Energy Solutions serves more than 12 million consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ.