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Adani Ports share rises over 4% post Q2 earnings, here's what brokerages say

Adani Ports & SEZ share touched an intraday high of Rs 369.3, rising 4.44% on BSE

twitter-logoBusinessToday.In | November 4, 2020 | Updated 15:51 IST
Adani Ports share rises over 4% post Q2 profit, here's what brokerages say
Adani Ports & SEZ share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Adani Ports & SEZ  share  rose over 4% today after the firm announced its Q2 earnings. The stock has gained after 2 days of consecutive fall. The stock opened with a gain of 2.38% at Rs 362 on BSE. The stock touched an intraday high of Rs 369.3, rising 4.44%.

Adani Ports & SEZ share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has lost 7.39% in one year and fallen 1.07% since the beginning of this year. Total 397.99 lakh shares changed hands amounting to turnover of Rs 1402 crore on BSE.

Market cap of the firm stood at Rs 73,864 crore. Adani Ports and Special Economic Zone reported a rise of 31.57 per cent in consolidated net profit at Rs 1,393.69 crore against profit of Rs 1,059.20 crore for the corresponding quarter last year.

Revenue from operations climbed around 3 per cent YoY to Rs 2,902.52 crore. Total consolidated income increased to Rs 3,423.16 crore in Q2 as against Rs 3,326.90 crore in the year-ago period. Total expenses declined to Rs 1,622.78 crore in Q2  compared to Rs 2,440.56 crore in the year-ago period.

The firm announced its results post market hours on Tuesday. Shares of the company closed 1.02 per cent lower at Rs 353.60. ahead of earnings. Meanwhile, Morgan Stanley is overweight on Adani Ports stock and has given a target price of Rs 439.

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The brokerage said Adani Ports has record of gaining share, pan-India presence, strong pricing power, high proportion of sticky cargo and is focused on improving utilization. Strong Q2 performance, cash flows in first half and 21% growth in October are positives for the Adani Group firm.

Nomura raised the target price for the  stock to Rs 440 and gave a buy call post Q2 earnings. The brokerage said results were in line and the firm has given strong guidance. Volume guidance implies underlying volume growth over FY21 said the brokerage adding that gain in market share appears sustainable.

Kotak Institutional Equities revised the fair value of stock upward to Rs 435 (Rs 425 earlier). "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," Kotak said.

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