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Adani Transmission nears record high; jumps 23% in seven days

Capital Market 

Adani Transmission jumped 5.18% to Rs 357.45, extending its winning run to seventh consecutive trading session.

Shares of Adani Transmission have gained 22.6% in seven trading days from its previous closing low of Rs 291.55 on 6 November 2020. The stock is just 2.3% away from its record high level of Rs 365.8 hit on 2 January 2020. The stock is up 148% from its 52-week low of Rs 147.50 hit on 13 March 2020.

The company's consolidated net profit slipped 7.1% to Rs 214.13 crore on 16.9% decline in net sales to Rs 2,156.19 crore in Q2 September 2020 over Q2 September 2019. Profit before tax (PBT) jumped 12% to Rs 295.78 crore in Q2 September 2020 as against Rs 264.20 crore in Q2 September 2019. Operational EBITDA fell 0.69% to Rs 1,001 crore in Q2 FY21. Operational EBITDA margin improved to 46.4% in Q2 FY21 as against 38.9% in Q2 FY20.

On the technical front, the stock's RSI (relative strength index) stood at 81.142. 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 281.43 and 266.62 respectively. These levels will act as crucial support zones in near term.

Adani Transmission operates as a power transmission company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, November 17 2020. 12:11 IST