Ten out of 10 Adani Group stocks were trading higher in Monday’s trade with three of them, Adani Power, Adani Energy Solutions, and Adani Enterprises trading 5-6% higher, while Adani Green Energy, Adani Ports, Adani Total Gas, NDTV, and Adani Wilmar surged 3-5%.

Meanwhile, two of Adani’s group cement companies, ACC and Ambuja Cements, surged up to 2%.

Adani Green Energy rose over 3% ahead of its Q3 numbers which the company is expected to announce today.

Adani Power shares price climbed 5% to Rs 569.6 on BSE after the firm on last Thursday reported a multifold jump in its consolidated net profit at Rs 2,738 crore for the quarter ended December. The same stood at just Rs 9 crore in the same period last year.

Its revenue from operations jumped 67% year-on-year (YoY) to Rs 12,991 crore in the October-December period, compared with Rs 7,764 crore in the corresponding period of last year.

EBITDA for the reporting quarter more than doubled to Rs 5,059 crore against Rs 1,996 crore in the same quarter last year. Continuing EBITDA jumped 242% to Rs 5,059 crore. Growth in continuing EBITDA was mainly a result of a lower increase in fuel cost compared to growth in revenues, primarily due to lower import fuel prices and alternate fuel costs.

Operationally, the installed capacity during the December quarter stood at 14,250 MW with a plant load factor of 68.6%.The operating performance for the quarter includes the 1,600 MW Godda ultra-supercritical thermal power plant of Adani Power’s subsidiary Adani Power (Jharkhand)) (APJL), which was commissioned in the first quarter of this fiscal.

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“Adani Power continues to demonstrate its leadership across domains by achieving ever-higher standards of excellence, as evidenced by the financial results for the third quarter of FY24,” said S B Khyalia, CEO of Adani Power.

During the third quarter as well as the nine months of FY24, the company said higher volumes were contributed by the Mundra, Udupi, Raipur, and Mahan plants apart from the incremental contribution of the Godda power plant, which has quickly become an important part of the power supply ecosystem of Bangladesh.

Domestic power sales volumes were driven by growing power demand across India and offtake under power purchase agreements (PPAs) was further supported by falling prices of imported coal and alternate fuel.

At 9.33 am, Adani Power was trading 3.6% higher at Rs 562 on BSE. The stock has delivered multibagger returns to its investors as it has rallied 117% in the past six months and 430% in the last two years.

Technically, the Adani Power’s day RSI (14) is at 58.3. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 10.3, which is above its center line, but below the signal line.

Adani Power is currently trading above its 20-day, 50-day, 100-day, and 200-day simple moving averages (SMAs). The stock has been relatively low on the volatility front, with a 1-year beta of 0.6, according to Trendlyne.

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