Adani Enterprises, Adani Ports, Adani Power: Adani stocks fall up to 3% amid market weakness

Most Adani group stocks including Adani Enterprises Ltd, Adani Ports & SEZ and Adani Power Ltd were trading 2-3 per cent lower in Tuesday's trade amid a broader weakness in the market. Among Adani stocks, Adani Ports fell 2.67 per cent to Rs 770.50 ahead of its quarterly results. This is against a flattish Sensex.

Analysts expect revenue for Adani Ports to rise 15-20 per cent YoY. Sales may remain flat on a sequential basis. Net profit may rise 25-75 per cent YoY and 20-70 per cent QoQ. Ebitda may improve in low-double digit growth while Ebitda margins may contract 400-700 basis points (bps), as share of lower margin business is seen increasing.

The group flagship Adani Enterprises declined 3 per cent to Rs 2,474.30. Adani Power fell 2.34 per cent to Rs 267. Ambuja Cements slipped 2.88 per cent to Rs 460.35. Adani's this cement company recently announced acquisition of Sanghi Industries.

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"We view the deal as a catalyst to start price war in West India given – a) SIL’s sales volumes stand at just 2-2.5 million tonnes pa against cement capacity of 6.1 mtpa and clinker capacity of 6.6mtpa; with Adani’s expertise in port logistics and Ambuja Cements strong brand presence in West India, we see huge scope for Ambuja to run SIL units at optimal capacity. With high odds of rise in price competition, we stay cautious on the sector. As for Ambuja, the deal comes at a lucrative valuation and hence, we upgrade the stock to ADD (Hold earlier)," ICICI Securities said.

ACC, another cement maker in the Adani group, saw its shares falling 1.79 per cent to Rs 1,994.50.

Adani Energy Solutions (erstwhile Adani Transmission) fell 1.56 per cent to Rs 818.95. This company has announced successful financial closure for its $1 billion Green HVDC link project.

Adani Wilmar edged 0.63 per cent lower at Rs 392.60.

Adani Total Gas rose 0.44 per cent to Rs 654 while Adani Green Energy advanced 2.78 per cent to Rs 991.85. 

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