Why is adani green rising high ?

 

Adani Green Energy shares hit an intraday high of Rs 869.9, rising 3.17% on BSE. However, the stock could not hold onto gains and fell 3.8% to a fresh 52-week low of Rs 811.10 today.

Shares of Adani Green Energy rose after five sessions of fall today after the Adani Group firm reported a 110% rise in its Q3 profit. The company on Tuesday reported a consolidated net profit of Rs 103 crore as against Rs 49 crore last year. The large-cap stock hit an intraday high of Rs 869.9, rising 3.17% on BSE. However, the stock could not hold onto gains and fell 3.8% to a fresh 52-week low of Rs 811.10 today.

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Adani Green shares are trading lower than the 5 days, 20-day, 50-day, 100-day, and 200-day moving averages.

Earlier, the stock opened lower at Rs 830 against the previous close of Rs 843.20. In a year, the stock has fallen 56.18 percent and lost 56.35 percent in 2023. Total of 1.84 lakh shares of the firm changed hands amounting to a turnover of Rs 15.71 crore on BSE. The stock hit its 52-week high of Rs 3048 on April 19, 2022.

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Revenue rose 41% to Rs 1973 crore in the last quarter against Rs 1400 crore in the corresponding quarter of the previous fiscal.  EBITDA or operating profit fell 18.22% YoY to Rs 853 crore on the higher cost of materials consumed. The company reported a forex loss of Rs 314 crore during the quarter against a forex gain of Rs 139 crore a year earlier. Operating margins fell 313 basis points to 43.23% compared with 74.5% a year earlier. 

On a standalone basis, the company logged a net loss of Rs 127 crore for the quarter that ended December 2022 against a net loss of Rs 79 crore in the corresponding quarter last fiscal. The company's revenue from operations fell to Rs 1,052 crore as against Rs 2,380 crore during the third quarter of the last fiscal. 

Abhijads.txteet from Tips2trade said, “Rs 771 will be strong support for Adani Green on the Daily charts. A close above  Rs 993  could lead to a target of  Rs 1162-1285 in the near term."

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Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "The stock has witnessed a steep crash from  Rs 2185 levels to touch a low at Rs 844 as of now and technically, it has attained the previous major low made near Rs 870 zone during July 2021. Overall, the chart pattern has gone very weak and for the bias and trend to improve, would need to cross decisively above  Rs 1180-1200 zone to establish some conviction. Currently, it would be very risky to give a target price as the movement of Adani group stocks is more on the basis of sentiments and event-based. So if one wants to trade, one can do so at their own risk. Technically, if a pullback occurs, then the initial target would be around Rs 1150-1200 zone."