Adani Green hits record high; rises 11% in four days

Adani Green Energy rose 1.81% to Rs 2,084.85, extending its winning run to fourth consecutive trading session.

Shares of Adani Green have surged nearly 11.6% in fourth trading sessions from its previous closing low of Rs 1,864.55 posted on 14 January 2021. The counter hit a record high of Rs 2,128.9 in intraday today. The stock has zoomed 141.9% from its 52-week low of Rs 860.2 recorded on 11 August 2021.

In last one month, the stock has moved nearly 9% higher outperforming the Nifty 50 index which fell 4.38% in the same period.

On BSE, 44,000 shares were traded in the counter so far as compared to a two week daily average volumes of 33,000 shares.

On the technical front, the stock's RSI (relative strength index) stood at 70.477. 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 1668.37 and 1459.92 respectively. These levels will act as crucial support zones in near term.

Adani Green Energy has one of the largest global renewable portfolios with 19.8 GW (giga-watts) of operating, under-construction and awarded projects catering to investment-grade counterparties.

On a consolidated basis, the company reported a 12% rise in net profit to Rs 49 crore on a 92.5% jump in net sales to Rs 1,391 crore in Q3 FY22 over Q3 FY21.

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