Shares of Adani Green Energy surged 9 per cent on Monday amid heavy volumes, defying overall weakness in the domestic benchmarks. The stock climbed 11.98 per cent to hit an intraday high of Rs 2,141.35 over its previous close of Rs 1,912.30. The scrip eventually settled 9.47 per cent higher at Rs 2,093.30 today on BSE, extending its gains for the third straight session. Support on the counter could be seen at Rs 1,920, an analyst said.
Around 1.85 lakh shares changed hands today, which was more than five times compared to Adani Green's two-week average volume of 35,000. Turnover on the counter stood at Rs 37.84 crore, commanding a market capitalisation (m-cap) of Rs 3,31,585.52 crore.
On BSE, there were 6,008 buy orders today against sell orders of 1,260 shares. On NSE, nearly 52.68 lakh shares were traded at a value of Rs 1,073.82 crore.
At today's closing price of Rs 2,093.30, the stock traded 31.32 per cent lower than its 52-week high of Rs 3,048, hit on April 19 last year.
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, said, "On the weekly chart, Adani Green has already consolidated for more than 2-3 weeks in the price range of Rs 1,700-1,950 level. At the start of this week, it has given a breakout of this range and closed above 50-DMA (day moving average)."
Dongre suggested that investors can buy Adani Green Energy shares with a stop loss placed at Rs 1,700 for a target price of Rs 2,600.
AR Ramachandran from Tips2trades said, "Rs 2,117 is a strong resistance for Adani Green on the daily charts. A close above this level paves the way for Rs 2,212-2,288 in the near term." Support on the counter would be at Rs 1,920, Ramachandran added.
The counter traded higher than 5-day, 20- and 50-day moving averages but lower than 100-day and 200-day moving averages. Adani Green has an average target price of Rs 3,581, Trendlyne data showed, suggesting a potential upside of 71.36 per cent. It has a one-year beta of 1.03, indicating average volatility on the counter.
The lender's 14-day relative strength index (RSI) came at 51.27. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-equity (P/E) ratio of 1,941.76.
Five out of seven listed Adani Group stocks traded lower today. Shares of Adani Enterprises, Adani Ports, Adani Power, Adani Total Gas and Adani Wilmar fell as much as 2.75 per cent today. On the flip side, Adani Transmission rose 0.59 per cent.
According to its website, Adani Green Energy is one of India's largest renewable companies, with a current project portfolio of 20,434 MW. Adani Green develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. The electricity generated is supplied to central and state government entities and government-backed corporations.
Meanwhile, Indian equity benchmarks settled lower today as losses in metal and financial counter gains in technology and state-owned lenders' stocks. The 30-share BSE Sensex pack fell 168 points or 0.28 per cent to close at 60,093 today, while the broader NSE Nifty index moved 62 points or 0.34 per cent down to finish at 17,895.
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