The stock was under pressure at open, but the same seemed to subside as the day wore on. The broad market being positive certainly helped matters and this seemed to carry the day for Adani Power Ltd. The stock gained about 3% on both the exchanges and closed at Rs 103.20 on the BSE and Rs 103.15 on the NSE. Traded volumes were significantly lower than the opening day as expected and were 3.37 cr shares on the NSE and 1.95 cr shares on the BSE respectively. Delivery % increased on the NSE with 1.32 cr shares or 39.27% of traded volume being marked for delivery. On the BSE delivery % fell to 57.59 lac shares or 29.57%.
Total traded volume on day 2 was 5.32 cr shares and net delivery was 1.90 cr shares or 35.5% of traded volume. The broad markets saw the BSESENSEX gaining 431 points or 2.91 % and the NSENIFTY gaining 3.06% or 134.70 points respectively. With two days of trading as much as 10.53 cr shares or 42.3% of the shares offered to the public of the 24.885 cr shares have changed hands. I believe next week will decide the fate of this issue in the short term. If smart investors are accumulating the share, then once all the quick money makers leave the counter, it will be easy to take the counter up. If however the selling pressure is being thwarted by support from friendly quarters, there could be panic on a day when our broad markets panic. Interesting times are ahead next week for this stock. One must also remember that there is a very healthy and strong pipeline of over 130 IPO’s scheduled. A poor listing for NHPC could bring about a change in fortune for these in queue companies.