Shares of three Adani Group companies — Adani Total Gas, Adani Transmission and Adani Power — slipped to their lower price bands for the second consecutive session on Wednesday. The weakness in a majority of Adani stocks came despite the group saying that it has prepaid margin-linked share-backed financing worth $2.15 billion as part of its debt prepayment plan, before its deadline of March 31.
Shares of Adani Total Gas fell 5 per cent to hit a day low of Rs 900.45 over its previous close of Rs 947.80. In a year, the stock has lost 74.63 per cent in the aftermath of a scathing report by US short seller Hindenburg Research. Hindenburg’s report alleged stock manipulation and improper use of tax havens, and flagged debt concerns. Adani Group, however, denied the claims.
The stock was last seen trading higher than the 20-day moving averages but lower than the 5-day, 50-day, 100-day and 200-day moving averages. The counter’s 14-day relative strength index (RSI) came at 30.62. 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 207.91.
The scrip has an average target price of Rs 3,475, Trendlyne data showed, suggesting a potential upside of 286.18 per cent. It has a one-year beta of 1.59, indicating high volatility on the counter.
In the case of Adani Transmission, the shares plunged in the same quantum (5 per cent) to hit a lower circuit of Rs 856.50. The counter has lost 66.41 per cent on a year-to-date (YTD) basis.
The stock was last seen trading higher than the 20-day moving averages but lower than the 5-day, 50-day, 100-day and 200-day moving averages. The counter’s 14-day RSI came at 35.18. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a P/E ratio of 733.85.
The scrip has an average target price of Rs 4,172, as per Trendlyne, suggesting a potential upside of 386.76 per cent. It has a one-year beta of 1.37, indicating high volatility.
For Adani Power, the stock was locked at the lower price band of Rs 194.55. It has dropped 34.75 per cent so far this year.
The stock was last seen trading higher than the 20-day moving averages but lower than the 5-day, 50-day, 100-day and 200-day moving averages. The counter’s 14-day RSI came at 52.91. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a negative P/E ratio of 349.49.
The scrip has a one-year beta of 0.99, indicating average volatility.
Meanwhile, Indian equity benchmarks traded higher in morning deals, led by gains in metals, banks, financials, pharma and consumer durable stocks.
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