Seven Adani stocks lost ₹3,782 cr m-cap this week; check details

Most of the Adani group firms released their Q4FY23 (January-March) results this week, following which there was volatility in the share prices of Adani group companies. Analysts believe many Adani stocks are in a correction phase over time or haven’t seen directional movement since a few weeks due to volatile trading sessions.

Seven companies of Adani group made net loss 3,782 crore in market cap this week.

Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Total Gas And Adani Wilmar lost market cap between 507 crores and 2,856 crore, while Adani Power achieved a market cap of 5,775 crore and Adani Ports and Special Economic Zone achieved a market cap of 698 crores.

Five Adani group companies closed flat on Friday, while shares of Adani Transmission and Adani Total Gas closed over 1% lower.

after the market closes on friday Adani Power reported Q4 FY23 Earnings, where the country’s leading private thermal power producer reported a year-on-year jump of 12.9% in its consolidated net profit for the March quarter 5,242 crores to 4,645 crore in Q4FY22.

Adani Power shares gained nearly 2% 243 in the Friday session, before ending flat.

Against the backdrop of strong growth in airports and roads businesses, Adani Enterprises on Thursday reported more than doubling of net profit for the March quarter.

As per the stock exchange statement by the firm, the net profit for Q4FY23 was 722.48 cr, up 137% from 304.32 crore, during the same period last year.

May 5 morning sees volatility in BSE session In the share price of Adani Enterprises. The stock opened nearly 3% higher at 1,965, compared to its previous close of 1,909.30 on May 5, but gave up its gains early to trade with only small gains.

Kapil Shah, Technical Analyst, MK said, “Adani Enterprises is trading in the range of 1,960 to 1,790 levels, currently the stock is in the upper band of consolidation with a bearish candle. The stock will remain under pressure below 1960 levels. Short term looks negative.” Global & Technical Trainer, Finlearn Academy.

Shares of leading edible oil producer Adani Wilmar fell nearly 5% on Wednesday, following the release of the company’s consolidated net profit for the March quarter, which had declined by 60%.

The stock closed down 4.30% on BSE. 397.65 per share. It fell 6.11% throughout the day 390.10.

For the quarter ending March 2023, Adani Wilmar declared a consolidated net profit of 93.61 crores on Wednesday. This is because of lower sales and fall in cooking oil prices.

on Tuesday, Adani Total Gas Limited Announced a 21% increase in its quarterly consolidated net profit for the period ending March 2023.

Adani Green Energy reports a four-fold increase in its consolidated net profit as compared to the same period last year 507 crores on Monday. This was mostly due to higher sales.

“Adani Green Since last one month, the stock is trading in symmetrical triangle. This indicates a squeeze in the price movement. The underlying tone for the stock is negative to positive.” Kapil Shah said.

sale of Myanmar Port was completed by Adani Ports and Special Economic Zone Limited (APSEZ) for a total of $30 million. On Thursday, the Adani Group made a statement regarding the sale of a port in Myanmar in one of its most recent exchange statements. Post the release of this stock market news, Adani Ports share price recovered from its morning losses and turned positive, rising 1.50% from its intraday low.

MSCI to reduce free float of two Adani group companies – Adani Total Gas, Adani Transmission

“Adani Port stock is hovering around the downward sloping moving averages. The stock is trading in the range of 690 to 655. A fall on either side will determine the further trend. At this point, the view is sideways,” Kapil said.