TeknikalRaman
Finance & Business
POSTED BY: Ranjeet Kumar PUBLISHED: Jun 22, 22
Given the company's interest among investors, Adani Power's shares was included in the MSCI index in May of this year.
Though the stock has increased by around 12% in the last month, it has dropped by over 8% in the last week.
According to media sources, Adani Power is down mostly owing to profit booking after the stock had risen significantly.
Additionally, the company's values are high. Given Adani Power's high value, few analysts or brokerage companies could be observed covering the company.
In addition to being included in the MSCI Index, power equities in general, notably Adani Power and Tata Power, have been on the upswing in recent months.
This is mostly due to an increase in electricity usage as a result of high heat waves in various parts of the country.
And, as a result of the lifting of Covid-related limitations in several states, businesses are working at full capacity. This is good news for electricity firms, since they will be able to meet the rising demand.
The BSE Power Index has gained approximately 20% since January this year (about 45 percent in the previous year) and has also achieved an all-time high this year.