Adani Ports Shares Surge 4% To Hit 52-Week High

On Wednesday, shares of Adani Ports and Special Economic Zone Limited (APSEZ) rose as much as 3.9 percent to Rs 395.20 on NSE, its new 52-week high.

Brokerages have been bullish on the stock after the company reported a 31.57 percent increase in its consolidated profit to Rs 1,393.69 crore for the September-ended quarter.

The country's largest integrated logistics player had clocked a consolidated net profit of Rs 1,059.20 crore in the corresponding period a year earlier.

Its total consolidated income increased to Rs 3,423.16 crore for the second quarter, as against Rs 3,326.90 crore in the year-ago period. The company's total expenses during the quarter under review declined to Rs 1,622.78 crore, compared to Rs 2,440.56 crore in the year-ago period.

After the quarterly results, which were reported on 3 November, global brokerages Jefferies and CLSA said they were bullish on Adani Ports and SEZ with a price target of Rs 425 and Rs 475, respectively.

Kotak Institutional Equities had revised the fair value of stock upward to Rs 435 (Rs 425 earlier) saying that "Adani Ports reported a good quarter on volume growth, EBITDA margin, cash flows and new contracts. It would likely enter a period of improving returns from FY2022."