Adani Power’s shares witnessed a strong rally during Thursday’s morning session, as the stock surged by 3.66%, boosting the company’s market capitalization. The stock price rose from ₹587.85 to ₹606.60, leading to a market cap gain of approximately ₹7,432.99 crore. This brought the company’s total market capitalization to ₹2,41,394.91 crore.
The rally comes after Adani Power announced a crucial board meeting scheduled for 28th October 2024 to discuss and approve a fundraising proposal of ₹5,000 crore. This news has attracted strong buying interest from investors, driving the stock price higher.
Adani Power’s fundraising proposal and outlook
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.
