Adani Power shares in focus today; here's why

Shares of Adani Power are in focus today after the Adani Group firm said that it has started supplying electricity from its plant in Godda in Jharkhand to Bangladesh.

Adani Power stock climbed 2.78% to Rs 197.5 against the previous close of Rs 192.15 on BSE. The stock has been gaining for the last two sessions. A total of 1.68 lakh shares of the firm changed hands amounting to a turnover of Rs 3.27 crore on BSE. Market cap of the firm rose to Rs 75,152 crore on BSE.

The share hit a 52 week high of Rs 432.80on August 22, 2022 and a 52 week low of Rs 132.55 on February 28, 2023.

Considering the current market price, the stock has lost 52.50 per cent from the yearly high.

In terms of technicals, the relative strength index (RSI) of Adani Power stands at 51.2, signaling it's neither trading in the overbought nor in the oversold territory. The stock has a beta of 1.1, indicating very high volatility in a year. Shares of Adani Power are trading higher than the 5 day and 50 day moving averages but lower than 20 day, 100 day and 200 day moving averages.

The stock has fallen 11.71% in a year and lost 35% in 2023.

Adani Power said the electricity supplied from Godda will significantly improve the situation in the neighbouring country as it will replace expensive power generated from liquid fuel, bringing down the average cost of power purchased.

"The Godda Power Plant is a strategic asset in the India-Bangladesh's long-standing relationship," said S B Khyalia, CEO of Adani Power.

It is the first power plant in the country, which has started its operations from Day One with 100 per cent Flue Gas Desulphurization (FGD), SCR and Zero Water Discharge, it stated.

In November 2017, Bangladesh Power Development Board (BPDB) executed a long-term Power Purchase Agreement (PPA) with APL's wholly-owned subsidiary Adani Power Jharkhand Ltd (APJL) to procure 1,496 MW net capacity power from 2X800 MW ultra-supercritical power project at Godda.

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