Adani Power shares saw significant buying activity during Thursday morning trades following the announcement of the board meeting date of October 28, 2024, to review and approve the ₹5000 crore financing plan. The price of Adani Power’s shares began the day flat but quickly attracted the attention of bulls, reaching an intraday high of ₹605.95 per share on the NSE, marking an increase of more than 3% from the end of the previous day.
Experts in the stock market claim that Adani Power has scheduled a board meeting on Monday of next week to discuss and approve the plan to raise ₹5000 crore through the issue of new shares. According to them, Adani Power’s stock price just finished a downward retest on the technical chart at about ₹580 per share, and it is now anticipated to reach ₹660 and ₹720 per share in the near to medium future.
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What Caused The Shares Of Adani Power To Rise?
Anshul Jain, Head of Research at Lakshmi Shree Investment and Securities, explained why Adani Power’s share price is rising: “The firm board has scheduled a meeting on Monday of next week to review and accept the plan for ₹5000 crore fundraising. Buzz has been generated around Adani Power’s stock as a result. In addition, the stock has finished retesting on the chart pattern at a price of about ₹580 per share. Thus, the stock appears to be robust from a technical and fundamental standpoint.
What Is The New Adani Power Share Price Target?
“Shareholders of Adani Power can hold the script maintaining stop loss at ₹570 for the short-term target of ₹650 per share,” stated Sumeet Bagadia, Executive Director at Choice Broking, who expressed optimism about further growth in Adani Power shares. New investors can also purchase the script with a stop loss at ₹570 and a short-term aim of ₹650.
