Adani Power Share Price Surge Rally of ₹5000 Crore Fundraising Plan

Adani Power shares saw significant buying activity 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 begun 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 end of the previous day.

Experts in the stock market claim that Adani Power has scheduled a board meeting on 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.

What caused the shares of Adani Power to rise?

Anshul Jain, Head of Research at Lakshmi Shree Investment and Securities, explained why Adani Power share price is rising: "The firm board has scheduled a meeting on Monday of next week to review and accept the plan for ₹5000 crore fundraising. Buzz has been generated around Adani Power's stock as a result. In addition, the stock has finished retesting on the chart pattern at a price of about ₹580 per share. Thus, the stock appears to be robust from a technical and fundamental standpoint.

What is the new Adani Power share price target?

"Shareholders of Adani Power can hold the scrip maintaining stop loss at ₹570 for the short-term target of ₹650 per share," stated Sumeet Bagadia, Executive Director at Choice Broking, who expressed optimism about further growth in Adani Power shares. New investors can also purchase the scrip with a stop loss at ₹570 and a short-term aim of ₹650. "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," Anshul Jain said, advising Adani Power owners to retain the scrip for a little longer.

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Adani Power’s Announcement

"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, in accordance with applicable law and subject to receipt of requisite regulatory and other approvals," Adani Power said in an exchange filing on Wednesday, informing the Indian stock market exchange about the fundraising initiative.

To Summarize

Adani Power shares rose over 3% after announcing a board meeting on October 28, 2024, to review a ₹5000 crore fundraising plan. Experts suggest a potential short-term target of ₹660, with a medium-term target of ₹720. The stock has shown strong technical signals following a retest at ₹580.