Shares of Adani Power Ltd rose for the sixth straight session today with BSE and NSE revising the circuit limit for the electricity firm to 20 per cent from 5 per cent earlier on June 6. Adani Power shares rose 4.08% to Rs 286 against the previous close of Rs 274.80 on BSE.
A total of 5.82 lakh shares of the firm changed hands amounting to a turnover of Rs 16.40 crore on BSE. Market cap of the firm rose to Rs 1.08 lakh crore on BSE. At 10:47 am, the stock was trading 2.58% higher at Rs 281.90 on BSE.
The share hit a 52 week high of Rs 432.80 on August 22, 2022 and a 52 week low of Rs 132.55 on February 28, 2023.
In terms of technicals, the relative strength index (RSI) of Adani Power stands at 73.4, signaling it’s trading in the overbought zone. The stock has a beta of 1.2, indicating very high volatility in a year. Shares of Adani Power are trading higher than the 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.
Despite today’s rally, the stock is still trading 35 per cent lower to its yearly high. However, it has gained 112% from its 52 week low.
Abhijeet from Tips2trades said, “Adani Power stock price is currently overbought on the daily charts with a strong resistance at Rs 279. A daily close below the support of Rs 263 could lead to targets of Rs 243-214 in the near term.”
V.L.A. Ambala from Stock Market Today said, “Adani Power is trading in Rs 270 to Rs 275 range and it in bullish zone. Expected targets in the future are Rs 300/3250/400/450/500. One should maintain a strict stop loss at Rs 200 for these targets. Indicators like MACD are showing bullishness and RSI value is 73 (indicating a bit high buy as of now) at daily TF and 59 and weekly time frame. Price is grading above 200 Days EMA in daily & weekly time frame. So, its alright to hold it more for more gains as mentions above. Fresh Buying zone should be Rs 240 to Rs 275 with given target and stop loss.”
Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One said, “Adani Power has seen a stellar run in the current financial year and has been moving with higher top – higher bottom formation. On the technical front, the stock is placed at a crucial juncture of 200 SMA, and a decisive breach could further uplift the momentum in the counter. As far as levels are concerned, the Rs 245-240 zone is likely to cushion any short-term blip, while the strong support lies around Rs 225. On the higher end, the immediate resistance post the 200 SMA (281) is placed around the Rs 300 mark in the comparable period.”
The Adani Group firm reported a 13% rise in Q4 profit. Adani Power’s consolidated net profit after tax (PAT) rose 12.9 per cent to Rs 5,242.48 crore as compared to Rs 4,645 crore for Q4 FY22.
Consolidated total revenue for Q4 FY23 came at Rs 10,795 crore as compared to Rs 13,308 crore in Q4 FY 2021-22.
The company said its revenue for Q4 FY 2022-23 includes de-recognition of revenue from operations pertaining to prior periods amounting to Rs (-) 194 crore and recognition of other income pertaining to prior periods amounting to Rs 325 crore.
Consolidated total revenue for FY23 climbed 35.8 per cent to Rs 43,041 crore in FY23 as compared to Rs 31,686 crore in FY22. The company said the improved revenue and profit are on the back of improved tariff realisation, high import coal price, and higher one-time revenue recognition.
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