Adani Green Energy spurts over 39% in six sessions

Adani Green Energy rose 1.97% to Rs 134.70, extending recent gains amid robust buying support.

Shares of Adani Green Energy soared 38.93% in six trading sessions to its current market price of Rs 134.70 from its recent closing low of Rs 96.95 on Thursday, 21 November 2019.

Meanwhile, the S&P BSE Sensex was down 326 points or 0.79% to 40,804.54.

The stock hit an intraday high of Rs 138.70, which is also an all-time record high for the counter. It hit an intraday low of Rs 132.50 so far during the day.

The stock hit a 52-week low of Rs 30.05 on 18 February 2019. The stock is up 348.25% from its 52-week low level.

On the technical front, the stock's RSI (relative strength index) stood at 88.85. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading above its 50-day moving average (DMA) placed at Rs 83.53 and its 200 DMA placed at Rs 52.04.

Adani Green Energy reported a consolidated net profit of Rs 100.25 crore in Q2 September 2019 compared with net loss of Rs 187.97 crore in Q2 September 2018. Net sales surged 51.1% to Rs 674.78 crore in Q2 September 2019 over Q2 September 2018.

Adani Green Energy builds and operates solar and wind energy power plants in India. It operates a fully-operational single-location solar power plant with a capacity of 648 Megawatts (MW) and other plants in various parts on India.

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