Adani Power hits record high; soars 72% in eight days

Adani Power jumped 4.48% to Rs 158.70, extending its winning run to eighth consecutive trading session.

Shares of Adani Power have rallied 72.59% in eight trading days from its previous closing low of Rs 91.95 on 28 May 2021. The counter hit a record high of Rs 167.05 in intraday today. The stock has soared 362% from its 52-week low of Rs 141.10 hit on 13 July 2020.

In last one month, Adani Power has jumped 63.5% compared with 5.83% rise in Nifty 50 index.

On the technical front, the stock's RSI (relative strength index) stood at 83.53. 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 98.12 and 80.58 respectively. These levels will act as crucial support zones in near term.

APL 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 reported consolidated net profit of Rs 13.13 crore in Q4 FY21 compared with net loss of Rs 1312.86 crore in Q4 FY20.

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