According to Sources, share prices of Adani Power Ltd (Gujarat based Power Generating company) have been slipped to their 52-week low of Rs 61.50.
This was due to the company’s announcement to put on hold its plans for capacity expansion of 6,500 megawatts because of a lack of clarity on coal supplies.
Adani Power, currently operates 3,300 MW of power projects and is waiting for the coal allocation by the Government for 3 of its planned projects. The combined coal requirements of these projects is about 25 Mn tonnes per year.
Adani Power’s shares were being traded 7.7% lower at Rs. 62.00. The stock has corrected over 50% so far in the year 2011.
Adani Power is in a downtrend and there are no signals suggesting that the stock is going to move higher immediately. Shares of the company are trading below their 13-day exponential moving average which is at Rs 70. So unless Adani Power crosses Rs 70 and stays above that level, until then the stock will remain under pressure. Adani Power has touched its lifetime lows in trade. The stock is trading at its lowest prices since listing and Hindustan Unilever has done exactly opposite, it is at a lifetime high. Adani Power is in a pretty serious downtrend. Spark would not see much out of them until the market itself bottoms out finally.
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