Adani Power spurts over 28% in four sessions

Adani Power rose 5.92% to Rs 130.55, extending gains for the fourth consecutive session.

Shares of Adani Power rose 28.37% in four sessions from its last closing low of Rs 101.70 on 12 October 2021.

The stock hit a 52-week high of Rs 167.05 on 9 June 2021. It has surged 278.41% from its 52-week low of Rs 34.50 hit on 22 October 2020. In the past one month, the stock has risen 31% as against 4.85% rise in the Sensex.

On the technical front, the stock's RSI (relative strength index) stood at 79.53. 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 20-day simple moving average (SMA) placed at 118.08 and 50-day SMA at 108.93. These levels will act as near-term support.

Adani Power reported a consolidated net profit of Rs 278 crore in Q1 FY22 as against a net loss of Rs 682 crore in Q1 FY21. Total revenue for Q1 FY22 stood at Rs 7,213 crore, up by 34.7% from Rs 5,356 crore in Q1 FY21.

Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India.

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