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Adani Transmission snaps two-day streak

Capital Market 

Adani Transmission slipped 5.77% to Rs 313 on profit booking after a recent steep rally.

Shares of Adani Transmission jumped 18.54% in the past two trading sessions to settle at Rs 332.15 yesterday, 2 December 2019, from its close of Rs 280.20 on 28 November 2019.

On the technical front, the stock's RSI (relative strength index) stood at 68.029. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading above its 50-day moving average (DMA) placed at Rs 257.70, as well as above its 200 DMA placed at Rs 229.26.

Adani Transmission's consolidated net profit soared 157.5% to Rs 230.43 crore on 85.8% surge in net sales to Rs 2,593.40 crore in Q2 September 2019 over Q2 September 2018.

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.)

First Published: Tue, December 03 2019. 15:48 IST