Adani Power, Adani Green Continue Rally For Second Day; Share Price Rises Over 6%

Adani Green Energy Ltd. stock advanced 7.27% to Rs 1,080 per share and Adani Power gained close to 6.50% to Rs 571.90 per share.

(Photo source: Adani Group/ X)

Shares of Adani Power Ltd. and Adani Green Energy Ltd. rallied for for a second day on Wednesday. Adani Green Energy in this week has risen 16.44%, while Adani Power has surged 20.78%.

Adani Green Energy Ltd. stock advanced 7.27% to Rs 1,080 per share and Adani Power gained close to 6.50% to Rs 571.90 per share. The shares of both Adani Green Energy and Adani Power pared gains to trade 3.89% and 1.87% higher respectively as of 10:30 a.m.

The surge in Adani Green Energy comes after its step-down subsidiary Adani Renewable Energy Forty Eight Ltd. commissioned 57.2 MW wind power component at Khavda project. With commissioning of this plant, the company’s total operational renewable generation capacity increases to 11,666 MW.

Adani Green Energy's total traded volume so far in the day stood at 7.1 times its 30-day average, while the relative strength index was at 47.

Out of four analysts tracking the company, three maintain a 'buy' rating, one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 89.1%.

Adani Power's total traded volume so far in the day stood at 13 times its 30-day average, while the relative strength index was at 57.

Adani Ports & Special Economic Zone Ltd.'s shares continued their upward trend and jumped 1.15% at Rs 1,129.05 per share. This is after Bernstein on Tuesday reintroduced the stock to its model, following a steep 25% correction that now offers attractive valuations and potential upside.

Adani Energy Solutions Ltd. share price was also trading in the green on Wednesday. The shares were trading nearly 2% higher. This comes after the power transmission company secured major orders worth Rs 28,455 crore in the third quarter of the current fiscal, significantly boosting its order book, as per provisional business update.

Flagship Adani Enterprises Ltd.'s stock rose nearly 0.36% to Rs 2,388 per share. The stock was the best performer among its peers on the benchmark Nifty 50 on Tuesday.

Also Read: Adani Group Stocks Rally — Adani Power Up 19%, Adani Green Gains 14%

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WRITTEN BY
Pratiksha Thayil
Pratiksha covers markets and business news at NDTV Profit. She has a keen i... more
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