Shares of Adani Green Energy were trading in the green after four sessions of losses ahead of the Adani Group firm’s December quarter earnings set to be announced today. Adani Green Energy stock surged 10.5% to the intraday high of Rs 931.90 against the previous close of Rs 887.5 on BSE. Earlier, the stock opened lower at Rs 843.20 (a fresh 52 week low), down 5%. Adani Green stock is trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In a year, the stock has fallen 55.29 per cent and lost 53.15 per cent in 2023.
Total 4.73 lakh shares of the firm changed hands amounting to a turnover of Rs 42 crore on BSE. The market cap of the firm rose to Rs 1.42 lakh crore. The stock hit its 52 week high of Rs 3048 on April 19, 2022.
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Abhijeet from Tips2trade said, “Rs 1,081 will be strong support for Adani Green on the Daily charts. A close below above-mentioned support could see a further fall till Rs 771. Resistance will be at Rs 1285."
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "The stock has witnessed a steep crash from Rs 2185 levels to touch a low at Rs 844 as of now and technically, it has attained the previous major low made near Rs 870 zone during July 2021. Overall, the chart pattern has gone very weak and for the bias and trend to improve, would need to cross decisively above Rs 1180-1200 zone to establish some conviction. Currently, it would be very risky to give a target price as the movement of Adani group stocks is more on the basis of sentiments and event based. So if one wants to trade, can do so at their own risk. Technically, if a pullback occurs, then initial target would be around Rs 1150-1200 zone."
In January end this year, Adani Green Energy (AGEL) said its sale of energy rose 9% YoY at 2,507 million units in Q3 FY23 as against 2,300 million units in Q3 FY22.
The rise in the sale of solar energy was backed by 150 megawatt (MW) commissioned in Rajasthan in November 2022 and 140 basis points (bps) improvement in capacity utilisation factor (CUF), the firm said in its Q3 operational update.
The solar portfolio CUF improved by 140 bps to 23.3% primarily backed by integration of SB Energy portfolio and improved plant/ grid availability; 40 bps improvement in plant availability; 30 bps improvement in grid availability and improved solar irradiation.
In Q2 of the current fiscal, Adani Green Energy logged a 49% rise in consolidated net profit at Rs 149 crore on higher sales of power even as margins dipped. Revenue rose 22.47% to Rs 1586 crore in Q2 compared with Rs 1295 crore a year earlier as overall power sales rose 61%.
Contribution from solar projects climbed 63% on-year to 2,327 million units; sales from wind projects declined 9% to 429 million units due to one-off disruption in a transmission line. Solar-wind hybrid projects saw a sale of 311 million units sale for the first time.
Meanwhile, JPMorgan said in a note that Adani Group companies were still eligible for inclusion in its influential bond indexes. The note comes after Credit Suisse, Citigroup and Standard Chartered stated over days that they will stop accepting Adani bonds as collateral for margin loans.
The conglomerate has a total notional value of $7.7 billion in JPMorgan’s Corporate Emerging Market Bond Index (CEMBI) and Asia Credit Index (JACI) indexes, the lender said on Monday. CEMBI tracks dollar debt issued by emerging market corporations, while JACI tracks total return performance of the Asia fixed-rate dollar bond market.
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