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JP Power rallies sharply as Adani vote sparks heavy volume breakout
JP Power jumps 29% in two sessions after Adani’s takeover approval, with strong volume, major technical breakout, and potential upside toward ₹27.
Jaiprakash Power Ventures surged 29% over two sessions, rising from ₹16.60 to an intra-day high of ₹22.79 amid significant trading volume. The rally followed news that the Adani Group secured about 89% creditor approval to acquire Jaiprakash Associates’ stressed assets in a ₹14,535 crore bid. Since Jaiprakash Associates holds 24% in JP Power, investors expect spillover benefits.
The stock traded at ₹22, up 8.5% on the NSE. Technically, JP Power has moved above its 100-DMA and the upper Bollinger Band, indicating sustained momentum if it holds above ₹20.40.