Adani power share rallies 300 percent in 8 months
Published On: Friday, August 19, 2022 | By: Team KnowMyStock
Adani Power's share price soared 5 percent to a new 52-week high of Rs 419 apiece on Friday, taking its rally so far in 2022 to 307 percent. Adani Power surpassed the state-owned electric utility company NTPC in terms of market capitalization (market-cap) after a sharp rally in the share price of Gautam Adani-led Group company. Adani Power stood at 35th position with an m-cap of Rs 160,4291 crore, while NTPC stood at 37th spot in the overall ranking with a market cap of Rs 154,710 crore, BSE data shows. Adani Power also surpassed automobile company Mahindra & Mahindra (M&M), which has an m-cap of Rs 156,394 crore, data shows. Adani Power's share price has risen over 40 percent in the last month. Adani Power reported a 17-fold jump in its consolidated profit after tax (PAT) at Rs 4,780 crore in the June quarter (Q1FY23). The Adani Group electric utility company had posted PAT of Rs 278 crore in Q1FY22.
Technical analysts say that Adani Power stock now remains steeply overextended on charts. “Traders must now focus on booking profits. Investors can either book entire profits or at least partial profits. A trailing SL of 400 must be maintained. If the stock is seen closing below this point then investors must completely exit,”
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
