Multibagger Adani group share rises 50% this year. Experts see more upside
Premium- Multibagger stock: Adani group share has risen from around ₹1345 to ₹2048 apiece levels in 2022
Stock market today: Adani Green Energy shares are one of the Adani group stocks that figures in the list of multibagger stocks in 2021. It is one of the probable multibagger stocks for 2022 as well because it has given more than 50 per cent return to its shareholders in year-to-date (YTD) time as Adani Green Energy share price has risen from around ₹1345 to ₹2048 apiece levels in 2022.
According to stock market experts, this Adani group share is in bull trend and can go up to ₹2500 apiece levels in short term. They said that Adani Green Energy is expected to give better quarterly numbers from next quarter as traditionally power and energy companies give higher numbers in Q4 in comparison to Q3 and this goes on to improve in Q1 and Q2 of the next fiscal as well. They said that market is expecting the same from this Adani group company in upcoming quarters.
Speaking on the reason for rise in this Adani group share, Ravi Singhal, Vice Chairman at GCL Securities said, "Power and energy companies generally outperform their Q3 numbers in Q4. They give better numbers in Q1 and Q2 of next fiscal. This is traditional as change of weather and arrival of summer fuels demand for more power and energy in the economy. Market is expecting this pattern to continue and hence bull are backing this Adani group share despite being one of the multibagger stocks in 2021."
Expecting more upside in this multibagger stock; Anuj Gupta, Vice President at IIFL Securities said, "This Adani group share is one of the multibagger stocks for 2022 as it has already given more than 50 per cent return and the stock is still in bull trend. A substantial delivery volume has been noticed in the stock yesterday that led to rise of this stock at new lifetime high of ₹2094.80 on NSE. It may further continue to scale northward towards ₹2400 to ₹2500 apiece levels in near term."
Anuj Gupta of IIFL Securities suggested positional investors to hold the stock for medium to long term as it may turn out one of the multibagger stocks in 2022.
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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