Adani Ports shares climb 7% as promoters up stake; stock breaches CLSA's target
Adani Ports shares climbed 7.45 per cent to hit a high of Rs 886.70 on BSE. In the process, it breached the 12-month target price of Rs 878 on the stock that CLSA suggested on Sept 7.
- Sep 11, 2023,
- Updated Sep 11, 2023 12:35 PM IST
Shares of Adani Ports climbed over 7 per cent in Monday's trade after data showed promoters bought an additional 2.17 per cent stake in Adani Ports between August 14 and September 8, with their total holding rising to 65.23 per cent. Resurgent Trade and Investment bought 2,03,86,718 shares, or 0.94 per cent stake, in Adani Ports between August 14 and August 22.
Another promoter entity Emerging Market Investment DMCC bought 2,65,00,00 shares, or 1.23 per cent stake, in Adani Ports between August 30 and September 8, a BSE filing showed.
Shares of Adani Ports climbed 7.45 per cent to hit a high of Rs 886.70 on BSE. In the process, it breached the 12-month target price of Rs 878 on the stock that CLSA suggested in a September 7 note. The stock is up 10 per cent in the last one month and 29 per cent for a six-month period.
Adani Ports was not the only group stocks where promoters upped stake. Adani Enterprises also saw promoters upping stake by 2.06 percentage points between August 21 and September 7 to 71.93 per cent from 69.87 per cent.
In its recent business update, Adani Ports said it recorded a cargo volumes of 34.2 mmt in August, up 17 per cent YoY, on the back of 27.6 per cent growth in containers and 69 per cent growth in liquids & gas cargo types. Adani Ports said its flagship port Mundra recorded its highest-ever monthly cargo volume of 15.32 mmt. The port also handled its highest-ever count of 1,776 trains, which included 1,532 container trains.
During the initial five months (April-August) of FY24, Adani Ports has handled 169.60 mmt of total cargo, implying a growth of 12 per cent. 4. Logistics business continues to record growth, with a record YTD rail volumes of 2,31,689 TEUs (up 24 per cent YoY) and GPWIS volumes of 7.37 MMT (up 42 per cent).
"Adani Ports has maintained its guidance for double-digit growth in its port traffic, revenue and Ebitda (Rs 14,500-15,000 crore vs our estimate of Rs 14,000 crore) in FY24 despite an uncertain macro climate. Adani Ports stock is below its average PE. We view Adani Ports as a strategic asset with long-duration port concessions, trading at a 43 per cent discount on FY25CL PE to Container Corp," CLSA said last week.
Also read: Hot stocks on September 11, 2023: Adani Power, Coffee Day, IRFC, Mazagon Dock, IRCON and more
Shares of Adani Ports climbed over 7 per cent in Monday's trade after data showed promoters bought an additional 2.17 per cent stake in Adani Ports between August 14 and September 8, with their total holding rising to 65.23 per cent. Resurgent Trade and Investment bought 2,03,86,718 shares, or 0.94 per cent stake, in Adani Ports between August 14 and August 22.
Another promoter entity Emerging Market Investment DMCC bought 2,65,00,00 shares, or 1.23 per cent stake, in Adani Ports between August 30 and September 8, a BSE filing showed.
Shares of Adani Ports climbed 7.45 per cent to hit a high of Rs 886.70 on BSE. In the process, it breached the 12-month target price of Rs 878 on the stock that CLSA suggested in a September 7 note. The stock is up 10 per cent in the last one month and 29 per cent for a six-month period.
Adani Ports was not the only group stocks where promoters upped stake. Adani Enterprises also saw promoters upping stake by 2.06 percentage points between August 21 and September 7 to 71.93 per cent from 69.87 per cent.
In its recent business update, Adani Ports said it recorded a cargo volumes of 34.2 mmt in August, up 17 per cent YoY, on the back of 27.6 per cent growth in containers and 69 per cent growth in liquids & gas cargo types. Adani Ports said its flagship port Mundra recorded its highest-ever monthly cargo volume of 15.32 mmt. The port also handled its highest-ever count of 1,776 trains, which included 1,532 container trains.
During the initial five months (April-August) of FY24, Adani Ports has handled 169.60 mmt of total cargo, implying a growth of 12 per cent. 4. Logistics business continues to record growth, with a record YTD rail volumes of 2,31,689 TEUs (up 24 per cent YoY) and GPWIS volumes of 7.37 MMT (up 42 per cent).
"Adani Ports has maintained its guidance for double-digit growth in its port traffic, revenue and Ebitda (Rs 14,500-15,000 crore vs our estimate of Rs 14,000 crore) in FY24 despite an uncertain macro climate. Adani Ports stock is below its average PE. We view Adani Ports as a strategic asset with long-duration port concessions, trading at a 43 per cent discount on FY25CL PE to Container Corp," CLSA said last week.
Also read: Hot stocks on September 11, 2023: Adani Power, Coffee Day, IRFC, Mazagon Dock, IRCON and more