Adani Group stocks: A majority of Adani stocks were seen trading on a positive note today. Adani Group stocks: A majority of Adani stocks were seen trading on a positive note today. Adani Group stocks: A majority of Adani stocks were seen trading on a positive note today. Shares of two Adani Group companies -- Adani Transmission Ltd and Adani Total Gas Ltd -- rebounded in Thursday's trade and touched their respective upper price bands. The fresh upward move in the two stocks came despite their scheduled exit from MSCI Global Standard Index. Adani Transmission and Adani Total would be deleted from MSCI global index with effect from June 1, the global equity index said.
Shares of Adani Transmission rose 5 per cent to hit a day high of Rs 816.40 over its previous close of Rs 777.55, halting their five-day fall. Yet, on a year-to-date (YTD) basis, the stock has lost 67.98 per cent. On the technical setup, the stock was last seen trading lower than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 42.07. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 463.65. It has a price-to-book (P/B) value of 8.53.
The scrip has a one-year beta of 1.31, indicating high volatility on the counter.
A majority of Adani stocks were seen trading on a positive note today. Adani shares saw a massive market value erosion since January 24, when US-based short seller Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate. Adani Group, however, denied all the allegations. The stocks later staged a strong comeback after US boutique investment firm GQG Partners announced a cumulative investment in four Adani firms.
In the case of Adani Total, the shares climbed in the same quantum (5 per cent) to hit the upper circuit of Rs 698.35, pausing their four-day losing run. That said, the counter has lost 80.42 per cent so far this year. The stock was last seen trading lower than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day RSI came at 36.99. The company's stock has a P/E ratio of 138.06. It has a P/B value of 24.90.
The scrip has a one-year beta of 1.53, indicating high volatility.
In a separate development, Adani plans to raise about $3.50 billion through an equity share sale to institutional investors, news agency PTI reported citing sources. The entire fundraising, which would go to fund the capital expenditure needs of the group, is likely to be completed within the second quarter (July-September) of the current fiscal (Q2 FY24), the report further mentioned.
Meanwhile, Indian equity benchmarks traded slightly lower in afternoon deals today, dragged by banks and financials.