Stocks To Buy In June: 3 Adani Group Stocks To Buy For Gain As Recommended By Jefferies

Leading global brokerage firm Jefferies is upbeat on 3 Adani Group stocks and recommended buy call for gains. These 3 Adani Group stocks are Adani Ports, Adani Energy Solutions, and Adani Enterprises. Recently, Adani Enterprises approved fundraise of Rs 16,600 via QIP Route while Board of Adani Energy Solutions gave nod to fundraise of Rs 12,500 crore. Adani Enterprises recommended a dividend of Rs 1.30 per equity share for the financial year 2023-24. More details below:

1. Buy Adani Energy Solutions Share: Current market price of Adani Energy Solutions share on BSE is Rs 1122.80 per share with intraday gain of 2.36%. Jefferies has assigned buy call to Adani Energy Solutions with target price of Rs 1,365 per share. The company has a market capitalisation of Rs 1,25,247.52 crore. Adani Energy Solutions shares offered return of 7% year-to-date, soared 29% in last 6-months, and rose 44% in last 1-year. Adani Energy Solutions share declined 45% in last 2-years.
Adani Energy Solutions announced on Monday that its board gave nod to fundraise of approximately Rs 12,500 crore ($1.50 billion). Adani Energy is expected to raise funds through the issuance of shares or other securities by way of qualified institutional placements or through any other permissible mode, it informed.

Adani Energy Solutions (earlier Adani Transmission) declared a 13.3% decline in net profit to Rs 381 crore for the quarter ending March 2024 as against Rs 440 crore in the corresponding quarter of last year.

Revenue for March 2024 quarter surged 17.4% YoY to Rs 3,560 crore, as a result of the contribution from the newly operationalized transmission assets, commissioning of elements at North Karanpura and MP-II package lines and an increase in the units sold because of higher energy consumption in the distribution business at Mumbai and Mundra.

2. Buy Adani Enterprises Share: Current market price of Adani Enterprises Ltd share on BSE is Rs 3411.45 per share with intraday gain of 6.84% as on May 31, 2024. Jefferies has buy on Adani Enterprises share with target price of Rs 3800 per share. The company on May 28 issued a BSE filing stating, "we would like to inform you that AdaniConneX Private Limited ("ACX"), a joint venture of the Company has completed the acquisition of 100% stake of Terravista Developers Private Limited ("TDPL") from Adani Infrastructure Developers Private Limited ("AIDPL") on 28th May, 2024 (confirmation of the same is received by the Company on 28th May, 2024 at 6:29 p.m. IST)." Earlier, on May 28 Board of Adani Enterprises gave nod to fundraising of Rs 16,600 crore via the QIP route.

The company's board has recommended a dividend of Rs 1.30 per equity share for the financial year 2023-24.

Adani Enterprises for the March 2024 quarter declared it consolidated net profit at Rs 451 crore, down by 38% on a year-on-year basis as against Rs 722.48 crore announced in the corresponding quarter of the last financial year.

Adani Enterprises shares gave return of 11.48% in last 2-weeks, soared 45% in last 6-months, and jumped 37% in last 1-year.

3. Buy Adani Ports Share: Current market price of Adani Ports And Special Economic Zone Ltd share on BSE is Rs 1437.70 per share with intraday gain of 3.93%. Jefferies has recommended buy call to Adani Ports share with target price of Rs 1640 per share. The company has a market capitalisation of Rs 3,10,563.18 crore. Adani Ports share gave return of 37% year-to-date and zoomed 74% in last 6-months. Adani Ports And Special Economic Zone shares offered return of 95% in last 1-year and 94% in last 1-year.

Adani Ports On May 2 declared a surge of 76% YoY in its consolidated net profit for the quarter ended March 31, 2024 to Rs 2040 crore as against Rs 1158 crore in the corresponding quarter of last year.

"Operationally, Adani Ports is continuing to move from strength to strength, with market share moving up to 27% from 14% in FY15 and expected to be 30%+ by FY26 27E. As core port EBITDA growth remains upward of double digits, backed by volumes, we remain positive on the stock," Jefferies stated.

Disclaimer: The stocks have been picked from the brokerage report of Jefferies. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.