These two Adani shares hit the upper 10% circuit again; Placed under ASM categories

All 10 listed Adani Group stocks continued to rally in Thursday’s trading after the Indian conglomerate claimed there were no bribery allegations against Gautam Adani and other group executives. Of these, two stocks, namely Adani Green Energy Ltd. (AGEL) and Adani Energy Solutions Ltd (formerly Adani Transmission Ltd.) scaled the respective upper 10 percent price bands for the second consecutive session.

AGEL shares rose 10 percent to the day’s high of Rs 1,088.20. Similarly, shares of Adani Energy rose 10 per cent to Rs 727.35.

BSE and NSE exchanges have placed shares of AGEL and Adani Energy under short-term ASM (Additional Surveillance Measure) framework. Stock exchanges place stocks on short- or long-term ASM frameworks to alert investors to high fluctuations in share prices.

“The ASM framework is along with all other applicable surveillance measures put in place by the stock exchanges from time to time and to the extent practicable. It is further noted that the shortlisting of securities under the ASM is purely for market surveillance purposes and should not be construed as an adverse action against the company in question,” the BSE said.

From a technical perspective, both AGEL and Adani Energy shares were on a ‘bullish’ outlook on the daily charts. In case of AGEL, support on the counter can be seen in the range of Rs 988-1,015.

“Adani Green stock price is trending upwards with strong support at Rs 988.4 on the daily charts. A daily close above the Rs 1,141 resistance could lead to an upside target of Rs 1,400 in the near term,” Sebi-registered research analyst AR Ramachandran said.

“Support will be Rs 1,015 and resistance will be Rs 1,135. A decisive move above the Rs 1,135 level could trigger a rally towards Rs 1,160. The expected trading range will be between Rs 1,000 and Rs 1,160 in the short term,” Jigar S Patel said. , Senior Manager – Technical Research Analyst at Anand Rathi.

Short-term support for Adani Energy shares can be found in the Rs 661-680 region.

“Adani Energy stock price is showing a bullish trend on daily charts with strong support at Rs 661 level. A daily close above the resistance of Rs 724 could lead to an upside target of Rs 871 in the near term,” Ramachandran said.

“Support will be Rs 680 and resistance will be Rs 730. A decisive move above the Rs 730 level could trigger a rally towards Rs 760. The expected trading range will be between Rs 680 and Rs 760 in the short term,” Patel said. he said.

AGEL said in a BSE filing: “Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA (Foreign Corrupt Practices Act) in the charges outlined in the indictment by the United States Department of Justice (DOJ) or the U.S. Securities and Exchange Commission (SEC) civil complaint.”

“These directors were charged in the criminal indictment with three counts: (i) conspiracy to commit securities fraud, (ii) alleged conspiracy to commit wire fraud, and (iii) alleged securities fraud,” he added. AGEL also noted that no fines or sanctions were specified in the US indictment.

US authorities last week accused Adani, his nephew and chief executive Sagar Adani, and AGEL chief executive Vneet S Jaain of being part of a scheme to pay bribes to secure India’s energy supply contracts and mislead US investors.

Adani Group rejected the accusations in the US indictment as unfounded and said it would take all legal action.

The new charges follow turmoil for Adani Group in January last year, when US-based short seller Hindenburg Research accused Adani Group of improper use of offshore tax havens; The Indian conglomerate denied this accusation.