Stock market today: After the announcement of the board meeting date on 28th October 2024 to consider and approve the ₹5000 crore fundraising proposal, Adani Power shares witnessed strong buying interest during morning deals on Thursday. Adani Power's share price today opened flat but soon caught bulls' attention and touched an intraday high of ₹605.95 apiece on the NSE, logging over a 3% rise against the previous day's close.
According to stock market experts, Adani Power has declared a board meeting date of Monday next week to consider and approve the proposal for a ₹5000 crore fundraise via issuance of fresh shares. They said that Adani Power's share price recently completed its downside retest on the technical chart at around ₹580 apieceand is now looking set to touch ₹660 and ₹720 per share in the short to medium term.
On why is Adani Power's share price rising, Anshul Jain, Head of Research at Lakshmi Shree Investment and Securities, said, “The company board has fixed a meeting on Monday next week to consider and approve the proposal for ₹5000 crore fundraising. This has created buzz around Adani Power shares. Apart from this, the stock has recently completed the retesting on the chart pattern at around ₹580 per share mark. So, the stock looks strong from both fundamental and technical perspectives.”
Expecting more upside in Adani Power shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “Adani Power shareholders can hold the scrip maintaining stop loss at ₹570 for the short-term target of ₹650 per share. Fresh investors can also buy the scrip for a short-term target of ₹650, maintaining a stop loss at ₹570.”
Advising Adani Power shareholders to hold the scrip for a little more period, Anshul Jain said, “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.”
In an exchange filing on Wednesday, Adani Power informed the Indian stock market exchange about the fundraising move, saying, "We would like to inform you that the meeting of the Board of Directors of the Company to be held on Monday, 28th October 2024 will inter alia also consider raising funds for a total amount not exceeding INR 5,000 Cr by way of public issue and/or private placement of non-convertible debentures ("NCDs"), which may be issued in one or more tranches, in accordance with applicable law and subject to receipt of requisite regulatory and other approvals."
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