Why is Adani Power share price skyrocketing today? — explained
Stock market today: Adani Power share price witnessed a significant surge during morning deals. Adani Power share price today opened with an upside gap at ₹749.90 per share on NSE.
It touched an intraday high of ₹790 apiece within a few minutes of the opening bell, logging an intraday rise of nearly 9 percent against Wednesday's close of ₹726.65 apiece. This surge is attributed to the expert analysis of stock market professionals, who have noted that Adani Power share price is skyrocketing today due to the Adani group company's complete takeover of Mirzapur Thermal Energy (MTE) in UP.Speaking on the reasons that are fueling Adani Power share price, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, "Adani Power has informed Indian exchanges that Mirzapur Thermal Energy in UP has become a subsidiary company of Adani Power after the allotment of preferential shares of MTE to Adani Power.
The Adani group company has completed the takeover of MTE, which will boost the fundamentals and balance sheet of Adani Power. This has triggered fresh buying in Adani Power shares."Also Read: Gold price jumps as US dollar rate, treasury yield slip; US Fed rate in focusWhen asked about the future of Adani Power shares, Sumeet Bagadia, Executive Director at Choice Broking, expressed a positive outlook, stating, "The upward trend in Adani Power shares is expected to continue, as indicated by the chart pattern.
Shareholders are advised to hold the stock, setting a stop loss at ₹730, with a near-term target of ₹850. This optimistic forecast should instill confidence in investors."Also Read: Nifty 50 continues its wild swings; how should investors play this volatility?On a suggestion to fresh investors regarding Adani Power
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