Adani Transmission hits record high; rises 17% in one month

Adani Transmission jumped 4.93% to Rs 2,353.55 extending its winning run to fourth consecutive trading session.

Shares of Adani Transmission have surged nearly 20.2% in four trading sessions from its previous closing low of Rs 1957.95 posted on 24 February 2022. The counter hit a record high of Rs 2,355.20 in intraday today. The stock has zoomed 229% from its 52-week low of Rs 715.60 recorded on 19 March 2021.

In last one month, the stock has moved nearly 17% higher outperforming the Nifty 50 index which fell 5.2% in the same period.

On BSE, 32,000 shares were traded in the counter so far as compared to a two week daily average volumes of 17,000 shares.

On the technical front, the stock's RSI (relative strength index) stood at 70.671. 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 1941.10 and 1886.74 respectively. These levels will act as crucial support zones in near term.

Adani Transmission is the transmission and distribution business arm of the Adani Group, one of India's largest business conglomerates.

On a consolidated basis, the company reported a 32.5% fall in net profit to Rs 267 crore on a 14% rise in net sales to Rs 2,613 crore in Q3 FY22 over Q3 FY21.

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