Adani Enterprises, Adani Power, Adani Wilmar likely to see relief rally; here's why

Three Adani Group stocks-Adani Enterprises, Adani Power and Adani Wilmar-are expected to trade in the green today as the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have announced they would move out of the short-term additional surveillance measure (ASM). The stocks will be exit the from the short-term ASM framework with effect from March 17. The three Adani stocks were placed under the ASM mechanism by the BSE and NSE on March 8 after they saw a rally post a month-long phase of correction as they were hit by allegations made in Hindenburg report on January 24 this year.

Adani Enterprises stock had corrected 65% or Rs 2,248 till February 27 as the Hindenburg report weakened sentiment around the Adani Group stocks. From February 27, the stock rose from Rs 1194 to Rs 1982 on March 6, zooming 65% ahead of the entry into ASM mechanism. Since March 8, the stock has corrected 9.69% or by Rs 197.65 to Rs 1842.60 on BSE.

Adani Power stock had corrected 50% or Rs 135.3 till February 27 after the Hindenburg report weakened sentiment around the Adani Group stocks. From February 27, the stock rose from Rs 139.50 to Rs 177.90 on March 6, zooming 27.52% ahead of the entry into ASM mechanism. Since March 8, the Adani Power stock has gained 6.42% or by Rs 12 to Rs 198.75 on BSE.

Adani Wilmar stock had corrected 40% or Rs 229 till February 27 as the Hindenburg report weakened sentiment around the Adani Group stocks. From February 27, the stock rose from Rs 344.20 to Rs 439.20 on March 6, zooming 27% ahead of the entry into ASM mechanism. Since March 8, the stock has corrected 8.71% or by Rs 40.2 to Rs 420.95 on BSE.

Meanwhile, Adani Enterprises, Adani Power and Adani Wilmar ended on a mixed note in the previous trading session. While Adani Enterprises ended marginally higher, the other two scrips closed marginally lower on March 16.

Adani Enterprises

The stock has gained 6.03% in the last 2 days. It touched an intraday low of Rs 1794.2 (2.43%) in the previous session. Later, the Adani Enterprises stock ended 0.21% higher at Rs 1842.60 on March 16 against the previous close of Rs 1838.80 on BSE. Adani Enterprises shares trade higher than the 20 day moving averages but lower than 5 day, 50 day, 100 day and 200 day moving averages.

It opened lower at Rs 1860 on BSE. The stock is down 52.26 per cent this year. In a year, the Adani Enterprises stock has gained 4.85%.

Adani Wilmar

Adani Wilmar stock hit an intraday low of Rs 414.65 , down 2.82% in the previous session. Later, the stock ended 1.35 per cent lower at Rs 420.95. Market cap of the firm fell to Rs 54,709 crore. It is trading higher than the 20 day moving averages but lower than 5 day, 50 day, 100 day and 200 day moving averages. The stock is down 31.84 per cent this year. In a year, the Adani Wilmar stock has gained 21.56%.

Adani Power

The stock of Adani Power has lost 7.77% in the last three sessions. Adani Power ended 1.68% lower at Rs 198.75 against the previous close of Rs 202.15. Adani Power stock is trading higher than the 20 day moving averages but lower than 5 day, 50 day, 100 day and 200 day moving averages. Market cap of the firm fell to Rs 76,656 crore. Adani Power stock touched an intraday low of Rs 194.55 falling 3.76% on March 16. The stock is down 33.62 per cent this year. In a year, the Adani stock has gained 61.78%.

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