For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Adani Ports Surge 4% On Q1 Results, Fundraising And Brokerage Calls

|

On Wednesday, shares of Adani Ports and SEZ rose nearly 4 percent to an intraday high of Rs 347.75 after the company announced its results for the June ended quarter and fundraising plans. On Tuesday, the company reported a 26.2 percent year-on-year fall in its consolidated profit at Rs 757.8 crore for the first quarter of 2020-21, due to the lockdown.

Adani Ports Surge 4% On Q1 Results, Fundraising And Brokerage Calls
 

Its consolidated revenue from operations for the quarter was down 18 percent from a year ago to Rs 2,292.7 crore.

Adani Ports also said that its board has approved a proposal to raise up to Rs 3,000 crore through issuance of non-convertible debentures (NCDs) which will be raised in one or more tranches on a private placement basis.

The company said its board has also given its consent for exploring and evaluating the proposal to create a platform, which will hold rail infra assets and investments in rail entities.

Brokerage calls

  • Citi has a 'buy' call on the stock with a target at Rs 402 per share saying that Q1 results underline the company's strong competitive positioning and pricing power.
  • CLSA has maintained an 'outperform' rating on the stock with a target at Rs 386 per share. It is bullish on the stock as a strategic asset will deliver 29 percent growth in port EBITDA over FY20-23.
  • Kotak Institutional Equities maintained a 'buy' call on the stock with a target at Rs 400 per share. The brokerage said that it would be remembered as a revealing quarter for Adani Ports, that established increasing relevance of co in its ecosystem.
Read more about: adani ports
Story first published: Wednesday, August 12, 2020, 10:37 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X