The Hindenburg storm hit the Adani Group stocks pretty hard this year. However, one stock that has made a very strong comeback post the Hindenburg report is Adani Power. The stock has not only recovered back to pre-Hindenburg levels but also went on to hit a new 52-week high of ₹409.70 earlier this month.
The Investment: If you invest ₹10,000 in Adani Power today, you would be able to purchase around 26 shares of the company with the current market price being around ₹375. Now, if the stock slumps back to its 52-week low of ₹132.40 that it hit on February 28, 2023, the value of those 26 shares will drop down to ₹3,442.
Background: The power giant has been on a recovery run in the past few months. In the past six months, the stock has surged over 115%. Today the company announced that two promoter group entities Fortitude Trade and Investment and Emerging Market Investment DMCC raised stakes in the company.
As per an exchange filing, Fortitude Trade and Investment bought 6.58 crore shares of Adani Power between September 5 and September 21. Emerging Market Investment DMCC bought 1.92 crore shares of the company between September 21 and September 25. With these acquisitions promoter holding in the company went up to 69.09%.
Price Action: Adani Power’s share price was down 0.44% to trade at ₹373.70 in the mid-market hours of trading on Thursday.
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Disclaimer: Benzinga India doesn’t give financial advice. The above article is for educational purposes alone.
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