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Adani Ports Shares Gain On Brokerage Rating, Growth in June Cargo Volumes
On July 2, the stock of Adani Ports and Special Economic Zone rose more than 2% intraday after Nomura maintained a buy recommendation on the stock and boosted the target price to Rs 890 per share.
Shares of Adani Ports were seen trading at Rs 716, up 1.91% on BSE at 12.13 pm IST. IT touched an intra-day high of Rs 724 during the trade.
Chairman Gautam Adani said earlier this week that the Adani Group had met its goal of building 25 gigawatts (GW) of renewable energy capacity in India four years ahead of schedule.
APSEZ handled 75.69 MMT of cargo in the first quarter of FY22, an increase of 83 percent over the same period last year.
According to its latest annual report, Adani Ports NSE 2.06% and SEZ (APSEZ) plans to treble its Ebitda earnings and annual cargo throughput by 2025, search for investment opportunities in ASEAN countries, and improve its logistics operation.
India's largest private multi-port operator is Adani Ports and Special Economic Zone Limited. With India's largest SEZ in Mundra, APSEZ represents a wide network of ports. The APSEZ Port Business is an important part of the company's logistics operations, and it is India's largest private port operator, with 12 locations.
