Adani Power shares are showing tremendous performance. Adani Power’s market cap has recently crossed Rs 1 lakh crore. Shares of Adani Power are on upper circuit since last 5 trading sessions. In the last 5 days, the company’s shares have gained 24.73 percent or about Rs 60. Shares of Adani Power have given investors nearly 200% returns so far this year. In the last few years, the company’s shares have climbed from the level of Rs 16 to Rs 300.
Rs 1 lakh became more than Rs 18 lakh
The shares of Adani Power were at a level of Rs 16.15 on the Bombay Stock Exchange (BSE) on 29 June 2018. The company’s shares closed at Rs 299.80 on BSE on April 27, 2022. If a person had invested Rs 1 lakh in the shares of the company on June 29, 2018 and had retained his investment, then at present this money would have been Rs 18.56 lakh. The 52-week low level of the company’s shares is Rs 69.95. At the same time, the 52-week high of Adani Power’s shares is Rs 300. The market cap of Adani Power has increased to Rs 1.16 lakh crore.
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Adani Power will get margin benefit on buffer coal stock
Avinash Gorakshakar, Head of Research, Profitmart Securities, says that Adani Power is the largest private thermal power producer in the country. The supply of coal has been affected in recent times, leading to a jump in coal prices globally. Due to this, the prices of both power and coal may increase further. Hence, the market is expecting margin benefit to Adani Power on buffer coal stock. Moreover, power consumption is expected to increase further in the summer season.
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Sumit Bagadia, Executive Director, Choice Broking says Adani Power shares have given a flat pattern breakout at Rs 260 level. After this breakout, this Adani Group stock has formed higher high and higher low formation on the chart pattern. The immediate base of the stock is Rs 280. In such a situation, those who are holding this stock can hold it while maintaining a stop loss below Rs 280. The immediate hurdle for Adani Power shares is Rs 325 to 340, short term shareholders can take this as profit booking levels.