Adani Power shares witnessed a surge of 3.66% during Thursday’s morning session after the company announced a board meeting on 28th October 2024 to consider and approve a fundraising proposal of ₹5,000 crore. This significant development has generated strong buying interest among investors, pushing the stock price higher.
According to Mint, the fundraising is expected to be via the issuance of fresh shares, further boosting the company’s growth plans. Technically, Adani Power recently completed its downside retest at around ₹580 per share, and analysts predict the stock is poised to reach ₹660 and ₹720 per share in the short to medium term.
Stock Price Details:
- Open: ₹587.00
- High: ₹612.20
- Low: ₹584.50
- Previous Close: ₹588.15
- Current Price: ₹609.35 (as of 10:30 AM)
This fundraising announcement is expected to accelerate Adani Power’s expansion plans and strengthen its balance sheet, further boosting investor confidence.
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