New Delhi: Shares of Adani Green Energy Ltd (AGEL) and Adani Energy Solutions Ltd (previously Adani Transmission Ltd) have seen a significant surge, with AGEL soaring by nearly 39% over three trading sessions. On Friday, AGEL’s stock climbed 14.64% to reach ₹1,247.55, marking an overall rise of 38.71% within three days. Similarly, Adani Energy’s stock increased by 13.54% to ₹825.85, reflecting a 37.38% jump over the same period.
This sharp growth follows renewed investor confidence after the Adani Group addressed bribery allegations originating from the US. The company clarified that no bribery charges had been filed against Gautam Adani or other senior officials. Additionally, the group reassured stakeholders of its financial stability, stating it has adequate liquidity to meet all debt obligations for at least the next 12 months.
Deven Choksey, Managing Director of DR Choksey FinServ, noted that despite facing allegations, the Adani Group’s core business remains robust. He highlighted that the group’s EBITDA exceeds ₹85,000 crores, maintaining a steady annual growth of 20% for the past three years, against a debt of approximately ₹2,40,000 crores.
However, both AGEL and Adani Energy stocks are now under the Additional Surveillance Measure (ASM) by the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), which means investors should be aware of potential price swings.
From a technical point of view, analysts are watching support levels around ₹1,100 for AGEL to ₹1,000. If this breaks resistance levels of ₹1,300 to ₹1,400, then probably there will be more buying. For Adani Energy, support is seen at ₹700 to ₹724 and resistance at ₹880 to ₹900.
Though the recent surge in Adani stocks shows a recovery in investor sentiment, which has been fueled by clarifications on the bribery issue and the solid financial position of the group, investors should remain watchful because of ongoing market monitoring and the external allegations. It would be advisable to keep an eye on the support and resistance levels as the stock market for Adani remains quite volatile.
