Adani Green Energy share price: The Adani Group company had planned to hold a board meeting on fundraising today, but none of the members were available. Please be advised that the Board of Directors meeting has been postponed due to the absence of Directors. “A new notice will be sent out with the next meeting date,” Adani Green said in an exchange report.
During a trading session with a lot of ups and downs, Adani Green Energy Ltd. shares ended down. In early trading, the stock jumped 5% and hit a day high of Rs 1,038.95. Later, it gave up all of its gains and closed 0.5% lower at Rs 984.35. After a strong rise from May 19 to May 23, most Adani Group stocks ended the day in the red. This is because investors took profits. At the end of trading today, the stock was worth Rs 984.35, which is 124.05 percent more than its 52-week low of Rs 439.35 on February 28, 2023. Still, the scrip has dropped 61.76% from its one-year high of Rs 2,574.05 on August 23, 2017.
The Adani Group company had a planned board meeting about fundraisers for today, but some of the directors couldn’t make it. “Please be advised that the Board of Directors meeting has been cancelled due to a lack of Directors’ availability.” “A new notice will be sent out with the next meeting date,” Adani Green said in an exchange report.
This was the second time in a month that the company had to change when its board meeting would take place. The original date for the board meeting was May 13.
A news story also said that Adani Green is talking with foreign fund managers about how to get Rs 5,000–6,000 crore. Four months after the Hindenburg setback, the largest renewable energy company in the country is expected to go ahead with its capital expenditure plans.
In January of this year, US-based short seller Hindenburg Research released a report saying that the Gautam Adani-led conglomerate had manipulated its stock prices and committed financial fraud. However, Adani rejected each and every allegation.
“From a technical point of view, Adani Green seems to have met resistance in the Rs 1,038-1,074 band on the daily charts today. AR Ramachandran from Tips2trades said, “A daily close below the support of Rs 952 could lead to lower targets of Rs 818-755 in the short run.”
“From a fundamental point of view, the stock meets resistance around Rs 1,050. If the price stays at Rs 1,000, then Rs 1,200 and Rs 1,400 could be possible goals for growth. VLA Ambala, a Research Analyst at Stock Market Today, says, “Keep your stop loss at Rs 810.”
The stock traded higher than its 5-day, 20-day, and 50-day moving averages, but it traded lower than its 100-day and 200-day moving averages. The relative strength index (RSI) for the market over the past 14 days was 62.34. When the number is below 30, it is said to be oversold, and when it is above 70, it is said to be overbought. The price-to-equity (P/E) ratio of the company’s stock is 475.38, which is less than 1. The price-to-book (P/B) number of the stock is 27.57.
In the meantime, the standards for Indian stocks stopped their three-day winning streak and ended the day lower. Banks, financials, and metal stocks pulled down the domestic indices. The 30-stock BSE Sensex fell 208 points, or 0.34 percent, to end at 61,774, while the broader NSE Nifty fell 63 points, or 0.34 percent, to end at 18,285.