As of November 4th, 2024, Adani Green Energy has reported a minor decline in its stock performance, registering a decrease of -0.71%. The stock opened at ₹1631.1 and closed at ₹1620.3. This slip aligns with a broader market downtrend and brings attention to the company’s current financial dynamics.
| Stock Performance on 04-11-2024 | Technical Analysis | Fundamental Analysis | Forecast & Ownership Details | Trading Trends | Peers and Benchmark Indices | Conclusion | Disclaimer |
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Stock Performance on 04-11-2024
On November 4, 2024, Adani Green Energy opened at ₹1631.1 and witnessed a closing price of ₹1620.3. During the trading session, the stock reached a high of ₹1631.1 and dipped to a low of ₹1610, highlighting notable volatility within the day.
Technical Analysis
The current trading price of Adani Green Energy stands at ₹1620.3. A closer look at moving averages indicates that the stock is trading below the simple moving average (SMA) values across the board. Specifically, it is below the SMA for the past 5, 10, and 20 days, as well as the longer-term SMAs for 50, 100, and even 300 days, pointing towards a sustained bearish sentiment.
Fundamental Analysis
From a fundamental perspective, several key metrics are noteworthy:
- Return on Equity (ROE): 12.84%
- Return on Assets (ROA): 1.25%
- Price-to-Earnings (P/E) ratio: 249.84
- Price-to-Book (P/B) ratio: 23.94
These figures shed light on the company’s profitability and valuation, with the P/E ratio revealing the high market expectations for the company’s earnings growth.
Forecast & Ownership Details
Analysts project a 1-year upside for Adani Green Energy at approximately 21.34%, predicting a target price of ₹1966.00. Evaluating ownership stakes within the company reflects:
- Promoter holding: 0.00%
- Mutual Fund (MF) holding: 1.36%
- Foreign Institutional Investors (FII) holding: 15.16%, down from 16.91% in the September quarter.
This decline in FII holdings signals a potential loss of confidence among institutional investors.
Trading Trends
Trading volumes on both the NSE and BSE have shown a significant reduction of -59.66% compared to the previous session. Such a decline in trading activity often indicates weakened investor sentiment and could suggest a prolonged downtrend in stock performance, as highlighted by Mint’s technical analysis.
Peers and Benchmark Indices
In the broader context, Adani Green Energy‘s stock performance today of -0.71% mirrors mixed trends observed in its peers such as NTPC, Power Grid Corporation Of India, Adani Power, and Tata Power. Moreover, benchmark indices such as Nifty and Sensex have also declined by -1.73% and -1.61%, respectively, reflecting a challenging market environment.
Conclusion
In summary, the developments surrounding Adani Green Energy reveal a stock under pressure, with a current pricing disadvantage compared to both short- and long-term moving averages. Amidst declining institutional support and overall market downturns, the future outlook rests on achieving the forecasted price target of ₹1966.00.
Disclaimer
The information provided in this article is for informational purposes only and does not constitute financial advice. Investors should conduct their own research or consult financial advisors before making investment decisions.
FAQ
- What is Adani Green Energy?
- Adani Green Energy is part of the Adani Group and focuses on renewable energy production in India.
- Why did Adani Green’s stock decline?
- The stock’s decline of -0.71% may be influenced by a broader market downturn and reduced confidence from foreign institutional investors.
- What is the projected target price for Adani Green Energy?
- The expected target price for Adani Green Energy is ₹1966.00, indicating a potential upside from its current price.
