Adani Power corrects on profit booking

Adani Power slipped 3.64% to Rs 100.55 as the counter witnessed some bit of profit taking after a recent steep surge.

The stock had gained 38.2% in the past eight trading sessions to end at Rs 104.35 yesterday (24 March 2021), from its recent closing low of Rs 75.5 recorded on 12 March 2021. The counter is up almost 286% from its 52-week low of Rs 26 hit on 30 March 2020.

In last one month, the stock has jumped nearly 78% compared with a 4.7% fall in benchmark BSE Sensex.

On the technical front, the stock's RSI (relative strength index) stood at 79.538. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day, and 200-day daily simple moving average (SMA) placed at 63.94, 54.32 and 45.48 respectively.

Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India. The company has an installed thermal power capacity of 12.410 MW spread across six power plants in Gujarat, Maharashtra, Karnataka, Rajasthan and Chhattisgarh, apart from a 40 MW solar power plant in Gujarat.

The company's consolidated net loss narrowed to Rs 288.74 crore in Q3 FY21 from Rs 702.36 crore in Q3 FY20. Revenue from operations increased by 4.9% year-on-year (YoY) to Rs 6,894.84 crore in Q3 FY21.

Powered by Capital Market - Live News