Adani Power shares jump 27% in just two days; the business explains how the stock price moves.
Price of Adani Power shares: The stock rose 6% to Rs 571.50, the day’s high. In just two trading days, it has increased by 26.96% to this price.
In Wednesday’s trading, Adani Power Ltd.’s shares continued to rise for the second straight session. The stock reached a day high of Rs 571.50 after rising 6%. In just two trading days, it has increased by 26.96% to this price.
The firm has been questioned by the BSE and NSE on the share price volatility. In response, Adani Power stated: “We would like to propose that the fluctuation in any company’s share volume is entirely driven by the market and solely due to market conditions. The company’s management is neither in charge of nor aware of the factors contributing to the rise in the number of equity shares.
Since 27.46 lakh shares were last spotted trading on the BSE, the stock had strong trading volume today. The amount exceeded the 8.73 lakh shares that was the two-week average volume. With a market capitalization (m-cap) of Rs 2,12,633.04 crore, the counter’s turnover was Rs 150.91 crore.
Technically, the Rs 530–514 range was where the counter showed support. At Rs 600, there is immediate opposition.
“Adani Power shares is available for purchase and holding. According to industry analyst Raghvendra Singh, it may soon reach the Rs 650 threshold, Business Today said.
“In the foreseeable future, the stock may reach an upward objective of Rs 600. Religare Broking’s Senior Vice-President (Retail Research), Ravi Singh, advised setting a stop loss around Rs 530.
“With a target price of Rs 621 and a stop loss of Rs 514, we expect a short-term opportunity in the stock,” stated Kushal Gandhi, a technical analyst at StoxBox.
While the counter was lower than the 100-, 150-, and 200-day simple moving averages (SMAs), it was higher than the 5-, 10-, 20-, 30-, and 50-day SMAs. The 14-day relative strength index (RSI) for the counter was 57.75. Oversold is defined as a level below 30, while overbought is defined as a number beyond 70.
The stock’s price-to-book (P/B) ratio is 5.21, while its price-to-equity (P/E) ratio is 24.09. The return on equity (RoE) was 21.63 and the earnings per share (EPS) was 22.96.
According to December 2024 BSE statistics, promoters owned 74.96 percent of the business.
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