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Shares of Adani Power jumped 10% from its previous closing low of Rs 223.15 posted on 13 April 2022. The stock has zoomed nearly 252% from its 52-week low of Rs 69.95 recorded on 24 August 2021.
Meanwhile, Last month, Supreme Court had directed power distribution firm owned by Rajasthan government to pay Rs 3,048 crore with interest within four weeks to Adani Power Rajasthan, which had generated and supplied power for them.
On the technical front, the stock's RSI (relative strength index) stood at 76.318. 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 50,100 and 200 days simple moving average placed at 148.85, 126.50 and 113.47 respectively. These levels will act as crucial support zones in near term.
Adani Power is engaged in power generation and setting up of power projects. The company is a part of the Adani Group. The company is carrying on the business of generation, accumulation, distribution and supply of power and to generally deal in electricity and to explore, develop, generate, accumulate, supply and distribute or to deal in other forms of energy from any source whatsoever.
On consolidated basis, the company reported 175.7% jump in the net profit to Rs 218.49 crore even with 22.2% decline in net sales to Rs 5360.88 crore in Q3 FY22 over Q3 FY21.
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