Adani Enterprises hits record high; jumps 24% in four days

Adani Enterprises jumped 4.28% to 1,612.95, extending its winning run to fourth consecutive trading session.

Shares of Adani Enterprises have rallied 23.8% in four trading days from its previous closing low of Rs 1,302.95 on 28 May 2021. The counter hit a record high of Rs 1,623.20 in intraday today. The stock has soared 1,043% from its 52-week low of Rs 141.10 hit on 12 June 2020.

In last one month, Adani Enterprises has jumped 28.4% compared with 6.69% rise in Nifty 50 index.

On the technical front, the stock's RSI (relative strength index) stood at 80.415. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 1207.89 and 950.12 respectively. These levels will act as crucial support zones in near term.

Adani Enterprises (AEL) is the flagship company of Adani Group, one of India's largest business conglomerates. The company's business investments are centred on the fields of airport management, technology parks, roads, data centre and water infrastructure.

Adani Enterprises reported a 282.2% jump in consolidated net profit to Rs 233.95 crore in Q4 FY21 from Rs 61.21 crore in Q4 FY20. Revenue from operations inched up 0.7% year-on-year (YoY) to Rs 13,525.07 crore during the quarter.

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