Adani Power share price: Irrespective of the market mood, many Adani group stocks have given stellar return to its shareholders in year-to-date (YTD) time. In this period, key benchmark indices have given zero return to its investors. In YTD time, NSE Nifty has shed near 0.45 per cent whereas BSE Sensex has dipped around 0.38 per cent but Adani Power share price has surged from around ₹101 to ₹425 apiece levels, delivering more than 300 per cent return to its positional investors.
According to stock market experts, Adani Power share price is appreciating due to high demand and consumption in power. They said that the stock was already in uptrend and due to these fundamentals developments and positive Q1 results, the stock has become further bullish and it may go up to ₹475 apiece levels in short term.
Speaking on the reason that is driving Adani Power share price, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Adani Power was already in uptrend after ushering in 2022. After that demand and consumption of power went northward due to the arrival of summer season. In between, the company has reported positive quarterly results that further worked as a catalyst for the stock rally. So, these are the short term fundamentals that is driving this multibagger Adani group stock these days.”
Expecting further rally in Adani Power share price, Sumeet Bagadia, Executive Director at Choice Broking said, “The stock is already in uptrend and it is looking further bullish on chart pattern. Those who have this stock in their portfolio can hold the stock for short term target of ₹475 per share maintaining stop loss at ₹390 apiece levels.”
Adani Power shares are one of the multibagger stocks that Indian stock market has produced in 2022. The stock has given strong upside moves despite Indian and global markets reeling under the sell off heat cause after the outbreak of Russia-Ukraine war. The multibagger stock has delivered around 45 per cent return in last one month whereas in last six months, it has given more than 250 per cent return to its shareholders.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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