Shares of three Adani Group companies continued to hit their respective 52-week lows in Thursday’s trading session. Adani Total Gas, Adani Transmission and Adani Green Energy were locked in the lower price bands at the opening bell.
Adani Total’s scrip cracked 5 per cent today to touch its 52-week low of Rs 793.25 over a previous close of Rs 834.95, extending its fall for 23 straight days. The counter has lost 79.58 per cent in 23 sessions. In terms of earnings, Adani Total reported a consolidated net profit of Rs 150 crore for the December quarter (Q3 FY23), up 17 per cent from Rs 128 crore in the same quarter a year ago.
The stock was last seen trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The counter’s 14-day relative strength index (RSI) came at 8.93. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P/E) ratio of 183.16. The earnings per share (EPS) of the firm came at 4.56, much below the P/E ratio.
That said, Adani Total has an average target price of Rs 3,475, Trendlyne data showed, suggesting a potential upside of 339.12 per cent. The scrip has a one-year beta of 1.42, indicating high volatility.
In the case of Adani Transmission, the stock also tanked 5 per cent to hit a one-year low of Rs 749.35. The stock has declined 42.98 per cent in 11 days. The Ahmedabad-headquartered company posted a 73 per cent jump in consolidated net profit, at Rs 478 crore, in Q3 FY23 as against Rs 267 crore in the year-ago period, aided by a one-time income of Rs 240 crore from a regulatory order.
The stock was last seen trading lower than 5-day, 20-, 50-, 100- and 200-day moving averages. The counter’s 14-day RSI came at 12.14. A level below 30 is defined as oversold while a value above 70 is considered overbought. The stock has a P/E ratio of 642.04. The company’s EPS came at 1.23, much lower than the P/E ratio.
Yet, Adani Transmission has an average target price of Rs 4,172, as per Trendlyne, suggesting a potential upside of 456.45 per cent. The scrip has a one-year beta of 1.31, indicating high volatility.
Adani Green Energy’s stock too fell in the same quantum to hit its 52-week low level of Rs 512.35. The company’s consolidated net profit more than doubled to Rs 103 crore in Q3 FY23 against Rs 49 crore in the same period a year ago.
The stock was last seen trading lower than 5-day, 20-, 50-, 100- and 200-day moving averages. The counter’s 14-day RSI came at 12.63. A level below 30 is defined as oversold while a value above 70 is considered overbought. The stock has a negative P/E ratio of 418.76. The company’s EPS also stood negative at 1.29.
Despite that, Adani Green has an average target price of Rs 3,581, according to Trendlyne, suggesting a potential upside of 599.28 per cent. The scrip has a one-year beta of 1.19, indicating high volatility.
A majority of Adani stocks slipped today in early deals with Adani Power and Adani Wilmar hitting their respective lower circuits.
Since January 24 this year, Adani stocks took a major hit after US-based short seller Hindenburg Research alleged that the Gautam Adani-led Indian conglomerate had engaged in stock manipulation and accounting fraud scheme over the last few decades. Adani Group, however, refuted the claim as baseless.
The stock rout resumed after Wikipedia claimed that sockpuppets – some of them being the online encyclopedia’s employees – created ‘puffery’ around Gautam Adani, his family and the group by adding non-neutral material and removing warnings from the information.
Meanwhile, Indian equity benchmarks traded lower in early trade, dragged by banks, financials and consumer durables.
Also read: Sensex, Nifty fall in early trade; banking, consumer durables shares top losers
Also read: Hindenburg’s 85% downside warning is coming true as Adani Total Gas, Adani Transmission, Adani Green shares extend slide
