Shares of Adani Green Energy hit upper circuit of 5% in early trade today amid weakness in broader markets. The stock opened 3.65% higher at Rs 768 today. Market cap of the clean energy firm rose to Rs 1.23 lakh crore. Adani Green Energy shares touched an intraday high of Rs 777.95, rising 5% in the current session. Adani Green Energy shares are trading higher than the 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages. The stock is down 60 per cent this year. In a year, the Adani Group stock has lost 58%.
The Adani Group stock hit a 52-week high of Rs 3048 on April 4, 2022 and a 52 week low of Rs 439.35 on February 28, 2023. The Adani Green Energy stock has recovered 77% from its 52 week low.
In terms of technicals, the relative strength index (RSI) of Adani Green Energy stock stands 47, signaling it’s trading neither in the oversold zone nor in the overbought zone. Adani Green stock has a one-year beta of 1.1, indicating high volatility during the period. Adani Green shares are trading lower than the 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.
In the third quarter of this fiscal, Adani Green EnergyтАЩs profit surged 110.20 per cent to Rs 103 crore in Q3FY23 over Rs 49 crore in Q3FY22. Gross sales of the company zoomed 49 per cent to Rs 1959 crore from Rs 1391 crore during the same period. EBIDTA of the firm slipped 18.22% to Rs 853 crore in the December quarter against Rs 1043 crore in the corresponding period of the previous fiscal.
Meanwhile, domestic equity markets turned negative in early trade today. Weakness in the global market spread across Dalal Street as bears continued to tighten their grip. Sensex slipped 312 pts to 57,243 and Nifty fell 64 pts to 16,907.
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