Adani Power Shares Surge Nearly 7%; Adani Total Up 5% As Group Stocks Rally

Shares of Adani Power rose as much as 6.6% on Thursday. The scrip leads the pack with the most gains as Adani stocks rally in trade. Adani Total also closely follows these gains, as it rose nearly 5% intraday.

Adani Power has marked gains of nearly 8% this week, also clocking 19% gains during this month. Adani Total Gas has gained over 7% this week, while the scrip has marked over 13% gains in the month.

Adani Power stock rose as much as 6.6% during the day to Rs 154 apiece on the NSE. The stock was trading 4.67% higher at Rs 151.2 apiece, compared to an 0.05% advance in the benchmark Nifty 50 as of 9:40 a.m.

The scrip advanced 14.71% in the last 12 months and 44.58% on a year-to-date basis. The total traded volume so far in the day stood at 5.7 times its 30-day average. The relative strength index was at 62.78.

All of the five analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 140.88.

During early trade on Thursday, most of the Adani Group stocks were trading in the green. Both Adani Power and Adani Total led gains with over 3% gains.

Adani Green was trading over 1% higher, while names like Adani Enterprises and Adani Ports were trading nearly 1% higher. These gains compare to a 0.01% decline in the benchmark index Nifty 50 as of 9:44 a.m.

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