Adani Energy Solutions shares rose 36% in three sessions; logged high turnover today

Shares of Adani Energy Solutions Ltd (AESL), earlier known as Adani Transmission zoomed 15% intraday today amid a record rally in the broader markets. The stock has risen 36% in the last three sessions. Adani Energy Solutions stock zoomed 15.09% to Rs 1246 against the previous close of Rs 1,082.60 on BSE. Market cap of the firm rose to Rs 1.29 lakh crore.  

Later, the stock ended 7.36% higher at Rs 1162.30. Total 14.76 lakh shares of Adani Energy Solutions changed hands amounting to a high turnover of Rs 176.43 crore. 

The BJP winning three state polls recently has added to the gains of the Adani Group stocks. The poll victory fuelled hopes that BJP would retain power in the General election to be held in 2024. The big up move after the poll results which started on Monday continued on Tuesday after the Bloomberg reported US agency concluded accusations against the Gautam Adani-led conglomerate weren’t relevant.   

According to the report by Bloomberg, a senior US official stated that the US government deemed Hindenburg Research's accusations of corporate fraud against Indian billionaire Gautam Adani irrelevant. The decision was made before approving an extension of up to $553 million for his conglomerate's container terminal project in Sri Lanka. 

Adani Energy Solutions shares have a one-year beta of 0.9, indicating low volatility during the period.     

In terms of technicals, the relative strength index (RSI) of Adani Energy Solutions stands at 84.6, signaling it's trading in the overbought zone. Adani Energy Solutions stock stands higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 150 day moving averages.       

Adani Energy Solutions is the country’s largest private transmission company, with a presence across 16 states of India and a cumulative transmission network of 19,800 ckm and 53,000 MVA transformation capacity. In its distribution business, Adani Energy Solutions serves more than 12 million consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ.  

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