Adani Stock Plans Rs 5000 Cr Fundraise After 89.57% Rally In 1-Yr, Buy Recommended For TP Rs 672

Large cap company Adani Power Ltd shares today witnessed rally of 2.35% on BSE after the company divulged its plans to consider fundraise of Rs 5000 crore in its upcoming meeting on October 28, 2024. Current market price of Adani Power Ltd shares on BSE is Rs 600.00 per share. The company has a market capitalisation of Rs 2,31,416.34 crore. The company will also consider its financial results for the quarter and half year ended September 30, 2024 on October 28, 2024. Adani Power shares recorded decline of 13.64% in last 3-months and gained 89.57% in last 1-year. Check details below:

Adani Power To Consider Fundraise On Oct 28: As per the exchange filing of Adani Power dated October 23, 2024, "the Board of Directors of the Company to be held on Monday, 28th October 2024 will inter alia also consider raising funds for a total amount not exceeding INR 5,000 Cr by way of public issue and/or private placement of non-convertible debentures ("NCDs"), which may be issued in one or more tranches, in accordance with applicable law and subject to receipt of requisite regulatory and other approvals."

Adani Power To Consider Financial Results On Oct 28: The BSE filing added, "Meeting of the Board of Directors of the Company will be held on Monday, October 28, 2024, to consider and approve, inter alia, the Unaudited Financial Results for the quarter and half year ended September 30, 2024 (the "Results")."

Adani Power Shares Performance: The 52-week high price of Adani Power shares on BSE is Rs 896.75 per share (as on 03/06/2024) and 52-week low price is Rs 289.30 per share (as on 26/10/2023), respectively. Adani Power shares gained 14% so far in 2024, jumped 79% in last 2-years, and offered stunning returns of 412% in last 3-years. In last 5-years, Adani Power shares gained 846% and 1207% in last 10-years.

Should You Buy Adani Power Shares: According to AR Ramchandran, Independent SEBI Research Analyst, "Adani Power is bullish and oversold on the Daily charts with strong support at 578. A Daily close above resistance of 607 could lead to target of 672 in the near term."

Disclaimer: The stock has been picked from the brokerage report of AR Ramchandran. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.