Adani Power Shares Rebound As 32.9 Lakh Shares Change Hands In Two Large Trades
At least 21.3 lakh shares changed hands at 1:26 p.m., and an additional 11.6 lakh shares changed hands at 1:31 p.m.
Shares of Adani Power Ltd. rebounded after trading lower on Wednesday following a couple of large trades.
At least 21.3 lakh shares changed hands at 1:26 p.m., and an additional 11.6 lakh shares changed hands at 1:31 p.m., according to Bloomberg.
Shares of the company rose 1.42% to 207.25 apiece, as of 2:08 p.m., compared with a 0.04% gain in the benchmark Nifty 50. Early in the trading session, the stock declined 5%.
The total traded volume stood at 0.7 times its 30-day average. The relative strength index was at 56.3.
One analyst tracking the company maintains a 'buy' rating on the stock, according to Bloomberg. The 12-month consensus price target implies an upside of 65.1%.
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Adani Group Stocks Reverse Losses
The rest of the Adani Group Company stocks staged a recovery on Wednesday too, as all stocks advanced in trade except Adani Total Gas Ltd.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.