Shares of Adani Ports and Special Economic Zone Ltd fell up to 4.22 per cent to hit a low of Rs 1,382.15 in Friday's trade. At this price, the stock has moved 4.61 per cent down from its one-year high of Rs 1,448.90, a level seen during yesterday's session.
The counter saw heavy volume on NSE today, indicating that a block deal took place. Around 1.88 crore shares were last seen changing hands, valued at Rs 2,630.73 crore. Market capitalisation (m-cap) came at Rs 3,05,810.87 crore. The official buyers and sellers of the block deals are not yet known.
It has been recently reported that "the Adani group readied a $3 billion cash chest to expand its global ports capacity." Business Today could not verify this information at the time of writing this story.
A few technical analysts largely remained positive on the counter. Support could be seen in the Rs 1,380-1,400 zone. And, a decisive close above Rs 1,450 level is required for further upside.
"The stock has potential to hit an upside target price of Rs 1,550. Keep stop loss placed at Rs 1,400," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
"Support will be at Rs 1,380 and resistance at Rs 1,450. A decisive close above Rs 1,450 may trigger a further upside till Rs 1,500. The expected trading range will be between Rs 1,350 and Rs 1,500 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 63.90. 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 175.65 against a price-to-book (P/B) value of 10.41. Earnings per share (EPS) stood at 8.05 with a return on equity of 5.92.
As of March 2024, promoters held a 65.89 per cent in the company.