Adani Green Energy shares fall 6%; market cap slips to Rs 1.86 lakh crore

Adani Green Energy share price fell 6% today. Shares of Adani Green Energy opened 4.58% higher at Rs 1280.10 compared to the previous close of Rs 1224.05 on BSE. Later, the stock fell up to 5.95% to Rs 1,151.2.  The large cap stock has lost 39% in 2023 and fallen 38.1% in a year. Adani Green Energy stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

The Adani Group firm's market capitalisation fell to Rs 1.86 lakh crore on BSE. A total of 1.65 lakh shares of the firm changed hands, amounting to a turnover of Rs 19.95 crore.

Check Share Price Live: Adani Green Energy

In terms of technicals, the relative strength index (RSI) of Adani Green Energy stands at 21.8, signaling it's oversold. Adani Green Energy shares are trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Adani Green Energy stock has a one-year beta of 1.1. This signals the stock has very high volatility and carries higher risk. A high-beta stock can rise much faster than the index, but also decline much more steeply during corrections.  

Pravesh Gour, Senior Technical Analyst at Swastika Investmart recommends to hold the stock with a target price of Rs 1,300-1,600. It has support at Rs 1,000. "The primary structure of the counter is continuously following the downtrend. Stock has witnessed a breakdown of a triangle pattern formation and a broken of neckline support at Rs 1,700 with strong volume. The stock is trading below all of its moving averages, which is also a negative sign for the counter. On the downside, Rs 1,000 is the critical level; while on the upside, Rs 1,300 is an immediately susceptible area; above this we can expect Rs 1,600 levels in the near term," said Gour.

 Earnings of the firm for the quarter ended December 2022 will be announced on February 7, 2023.    

Adani Green Energy logged a 49% rise in consolidated net profit to Rs 149 crore for the September quarter 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.

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