The share price of Adani Power has been on an upward trend since last one year, giving multibagger returns. Adani Group stock hit the upper circuit in early deals on Wednesday following a recent tweet by Gautam Adani, who has committed to supply electricity to Bangladesh from December 2022. The stock has increased almost from 390 416 level on NSE in the last two days, logging close to 6.50 per cent in two straight sessions. Adani Power share price opened lower today, but reached intraday high 415.7 each.
According to Share Market Experts, Fundamentals of Adani Power are favorable as demand-supply constraints favor the power company and the market is expecting better quarterly numbers from the company in the upcoming results. However, the reason for the recent increase in the share price of Adani Power is Gautam Adani’s announcement to start supplying electricity to Bangladesh from December 2022. He added that the stock has formed a bullish pattern on the daily chart, which indicates further upside in the multibagger Adani Group stock.
Commenting on the recent reason for the recent rise in Adani Power’s share price, Avinash Gorakshakar, Head of Research, Profitmart Securities said, “Adani Power is expected to deliver better quarterly numbers due to demand-supply constraints in the power supply business. The increase in the share price for is the tweet of Gautam Adani in which he has announced to supply electricity to Bangladesh from this December. It has gone down well among the bulls of the stock market and they are expected to do so in bulk. are buying that the stock may continue bullish movement in the short to medium term.”
Adani Power shares expected to rise further, Ravi Singhal, CEO, GCL Securities said, “Adani Power stock has formed a bullish pattern on the daily chart pattern, which means the stock is expected to give a sharp rally in the short term It is advisable to maintain stop loss in the portfolio of those who hold this stock Hold the counter for a target of 385 more 444 more 488 respectively.”
On September 5, 2022, Gautam Adani, Indian billionaire and chairman of the Adani Group, announced the commencement of power supply to Bangladesh from December 2022 on his official Twitter handle, “It is an honor to meet Sheikh Hasina, the Hon’ble Prime Minister of Bangladesh in Delhi. His vision for Bangladesh is inspiring and surprisingly bold. We are committed to commissioning our 1600 MW Godda Power Project and dedicated transmission line to Bangladesh by Bijoy Dibosh on 16th December 2022.
See Gautam Adani’s tweet below:
Shares of Adani Power are one of the multibagger stocks that Dalal Street has delivered in the past one year. It is also one of the multibagger stocks in 2022. In YTD timing, Adani Power’s share price has soared from 102 At 406 level, there are about 300 per cent return shareholder, whereas in the last one year, the shares of Adani Power have increased almost. from 93 406 levels, registering an increase of about 350 percent over this time.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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