Adani Group News: Shares of Adani Power registered a strong rise in the morning session on Thursday. The reason behind this is the company’s announcement in which a board meeting will be held on 28 October 2024 to consider and approve the fund raising proposal of ₹ 5000 crore. Adani Power shares opened flat today but soon attracted investors’ attention and touched an intraday high of Rs 612 on NSE. There was an increase of about 4 percent. At around 11 am it was trading at Rs 606.30, up 3.17 per cent.
Share can go to Rs 720
According to Live Mint, Adani Power has announced the date of the board of directors meeting on Monday next week to consider and approve the proposal to raise Rs 5,000 crore by issuing new shares. Experts said Adani Power share price recently completed its downside retest at around Rs 580 per share on technical charts and is now set to touch Rs 660 and Rs 720 per share in the short to medium term.
Anshul Jain, head of research at Lakshmi Shree Investments & Securities, told Mint, “The company’s board has scheduled a meeting on Monday next week to consider and approve the proposal to raise funds of Rs 5,000 crore. This has created a buzz around Adani Power shares. Moreover, the stock recently completed retesting the chart pattern around Rs 580 per share mark. Hence, the stock looks strong from both fundamental and technical perspectives.
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Target prices of other experts
Sumeet Bagadia, Executive Director, Choice Broking said, ‘Adani Power shareholders can hold shares for a short-term target of Rs 650 per share while maintaining a stoploss of Rs 570. Fresh investors can also buy shares for short term target of Rs 650 while maintaining stoploss of Rs 570.
Advising Adani Power shareholders to hold shares for a little longer period, Anshul Jain said, “Adani Power shares look strong on the technical charts, and it may touch Rs 660 in the near term, while the mid-term “In 2019, we can expect Adani Power shares to touch Rs 720.”
