Adani Green Energy shares likely to rise for second straight session; here’s why

Shares of Adani Green Energy are likely to rise for the second consecutive session on April 10 as the Adani Group stock will be moved to the first stage of the long-term additional surveillance measure framework from April 10. Earlier, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE)  had placed Adani Green Energy under the second stage of the framework on March 28. 

Shares of Adani Green Energy ended in the green in the previous session after falling for six days. The Indian stock market will remain closed today on account of Good Friday. The stock closed 5% higher at Rs 855 against the previous close of Rs 814.35 on BSE.  

Earlier, the Adani Group stock opened with a gain of 2.89% at Rs 837.90 on BSE. Market cap of the clean energy firm rose to Rs 1.35 lakh crore. Adani Green Energy shares touched an intraday high of Rs 855 , rising 5% in the previous session. The stock is down 55.75 per cent this year. In a year, the Adani  Group stock has lost 61%.     

The Adani Group stock hit a 52-week high of Rs 3048 on April 4, 2022 and a 52 week low of Rs 439.35 on February 28, 2023. The Adani Green Energy stock has recovered 94.61% from its 52-week low.   

In terms of technicals, the relative strength index (RSI) of Adani Green Energy stock stands 50.9, signaling it's trading neither in the oversold zone nor in the overbought zone. Adani Green stock has a one-year beta of 1, indicating average volatility during the period. Adani Green shares stand higher than the 20 day moving averages but lower than 5 day, 50 day, 100 day and 200 day moving averages.  

In two separate circulars, NSE and BSE said Adani Green Energy would continue in the framework but will be moved to respective lower stage ASM from April 10. 

 The parameters for shortlisting securities under the ASM framework include high-low variation, client concentration, number of price band hits, close-to-close price variation and price earning ratio. 

Meanwhile, all Adani Group stocks ended in the green on Thursday with Adani Transmission, Adani Green Energy, Adani Total Gas and NDTV each climbing 5 per cent. The group has told investors that several top Japanese and European banks have reaffirmed confidence in the embattled conglomerate after it was hit by a US short seller's critical report, Reuters quoting a company document said.

The group stocks also gained amid a report by Mint that suggested the group was aiming to boost group-level operating earnings by nearly 50 per cent to Rs 91,000 crore over the next two fiscal years, allaying concerns of creditors and investors to whom it owes around $23 billion.

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