The announcement of the October 28, 2024, board meeting date to consider and approve the ₹5000 crore financing plan sparked a lot of buying activity in Adani Power shares during Thursday morning exchanges. After starting the day flat, the price of Adani Power’s shares soon caught the attention of bulls, rising more than 3% from the previous day’s close to an intraday high of ₹605.95 per share on the NSE.
Adani Power has reportedly set a board meeting for Monday of next week to review and approve the plan to raise 5000 crore through the issuance of new shares, according to stock market experts. They claim that the price of Adani Power’s stock just completed a technical chart downward retest at roughly ₹580 per share, and that it is now expected to reach ₹660 and ₹720 per share in the near to medium future.
During the board meeting, the company will also reveal the results of the September quarter. The electricity and energy firm recorded a 55% year-over-year (YoY) fall in total net profit to Rs 3,913 crore in the quarter ending June 2024, compared to Rs 8,759 crore in the same quarter the previous year.
However, compared to Rs 11,005 crore in the prior year, revenue from operations grew by 36% YoY to Rs 14,956 crore during the reporting period.
Adani Power share price target
Anticipating further growth in Adani Power’s stock, “Shareholders of Adani Power can hold the scrip with a stop loss at ₹570 for the short-term target of ₹650 per share,” stated Sumeet Bagadia, Executive Director at Choice Broking. New investors can also purchase the scrip with a stop loss at ₹570 and a short-term aim of ₹650.
According to Anshul Jain, who advised Adani Power shareholders to hang onto their shares for a little while longer, “Adani Power shares are looking strong on the technical chart, and it may touch ₹660 in the near term whereas, in the medium term, we can expect Adani Power shares to touch ₹720 apiece.”
