Adani Power shares in news today on plan to raise funds

On Wednesday, the Adani Group stock ended 0.26% lower at Rs 586.25 against the previous close of Rs 587.80 on BSE. Market cap of Adani Power fell to Rs 2.26 lakh crore

Shares of Adani Power are in news today after the Adani Group firm said it board would consider raising funds for a total amount not exceeding Rs 5,000 Cr by way of public issue and/or private placement of non-convertible debentures (NCDs) on October 28.

On Wednesday, the Adani Group stock ended 0.26% lower at Rs 586.25 against the previous close of Rs 587.80 on BSE. Market cap of Adani Power fell to Rs 2.26 lakh crore. A total of 2.59 lakh shares of the firm changed hands amounting to a turnover of Rs 15.21 crore on BSE.

In terms of technicals, the Adani Group stock is trading neither in the oversold zone, signals the relative strength index (RSI) of Adani Power which stands at 28.7.

Adani Power stock is trading higher than the 5 day, 200 day but lower than the 10 day, 20 day, 30 day, 50 day, 100 day, 150 day moving averages, signaling the stock is in a downtrend.

“We would like to inform you that the meeting of 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 Rs 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,” said Adani Power.

Adani Power share price fell 0.9 percent yesterday to end at Rs 583.05 on NSE, ahead of the fundraising announcement. The stock has jumped over 86 percent in the last one year, taking the company’s market capitalisation to Rs 2.26 lakh crore. It has significantly outperformed NSE Nifty 50, which has returned about 28 percent in one year.

However, of late, Adani Power stock has languished since its June high. It has fallen 6 percent in one week, and 14 percent in one month.

Promoters and institutional investors like GQG Partners have recently increased their stakes in Adani Power. In the September quarter, promoter stake in Adani Power rose by 2.25 percentage points, now valued at approximately Rs 5,703 crore. GQG Partners also invested in various Adani Group companies, contributing to a total infusion of Rs 19,000 crore across the group during the quarter.

With Thanks Reference to:https://www.businesstoday.in/markets/company-stock/story/adani-power-shares-in-news-today-on-plan-to-raise-funds-451310-2024-10-24 and https://www.moneycontrol.com/news/business/markets/adani-power-to-consider-rs-5000-crore-fundraising-via-ncds-next-week-share-price-languishing-of-late-12849407.html