Adani Ports shares: Adani Ports and Special Economic Zone Limited (Adani Ports) jumped 3.5 percent to reach 52 52-week high at Rs 1425 on Tuesday.
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Several Brokerage firms have anticipated that the shares may rise further in the coming days. The brokerage firm’s anticipation came when the company recorded its highest-ever monthly cargo volume during March. The stock enede trading at 1,404.40, up by 2.07 percent.
The company handled a total of 38 million metric tonnes (MMT) of cargo during March. In addition, the company said that in FY24 it handled 420 MMT of cargo globally to which the contribution of domestic ports is over 408 MMT.
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Global brokerage firm ‘Citi’ has shown positive intent on the stock of Adani Ports and Special Economic Zone Ltd. Citi has maintained its ‘buy’ rating on the stock and the overseas brokerage has raised its target price on Adani Ports to Rs 1,758 per share from Rs 1,564. This represents a potential gain of 28 percent from its previous close on Monday. Whereas, global brokerage firm Morgan Stanley has maintained its ‘overweight’ stance on the stock with a target price of Rs 1,576.
Citi said Adani Ports is likely to report strong numbers with positive volumes, revenues, EBITDA growth, and good cash flows for the quarter ending March 31, 2024. Strong volume growth should lead to core-port EBITDA growth of around 29 percent on a year-on-year (YoY) basis.
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Adani Ports stock
Shares of Adani Ports rose about 3.55 percent during Tuesday’s trading session. It hit a new 52-week high of Rs 1,425 with it the market cap of the company crossed Rs 3 lakh crore for the first time. The stock had closed at Rs 1,376.05 in the last trading session on Monday.
