Adani Power shares saw significant buying interest 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 close of the previous day.
Experts in the stock market claim that Adani Power has scheduled a board meeting for 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.
Triggers for Adani Power shares
On why is Adani Power’s share price rising, Anshul Jain, Head of Research at Lakshmi Shree Investment and Securities, said, “The company board has fixed a meeting on Monday next week to consider and approve the proposal for ₹5000 crore fundraising. This has created a buzz around Adani Power shares. Apart from this, the stock has recently completed the retesting on the chart pattern at around ₹580 per share mark. So, the stock looks strong from both fundamental and technical perspectives.”
Adani Power share price target
Expecting more upside in Adani Power shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “Adani Power shareholders can hold the scrip maintaining stop loss at ₹570 for the short-term target of ₹650 per share. Fresh investors can also buy the scrip for a short-term target of ₹650, maintaining a stop loss at ₹570.”
Advising Adani Power shareholders to hold the scrip for a little more period, Anshul Jain said, “Adani Power shares are looking strong on the technical chart, and it may touch ₹660 in the near term whereas, in the medium term, we can expect Adani Power shares to touch ₹720 apiece.”
“We would like to inform you that the meeting of the Board of Directors of the Company to be held on Monday, 28th October 2024 will inter alia also consider raising funds for a total amount not exceeding INR 5,000 Cr by way of public issue and/or private placement of non-convertible debentures (“NCDs”), which may be issued in one or more tranches, by applicable law and subject to receipt of requisite regulatory and other approvals,” Adani Power wrote in an exchange filing on Wednesday, alerting the Indian stock market exchange about the fundraising initiative.
