Adani Ports shares gain post Rs 5,282 crore block deal, up for 6th day in a row

Shares of Adani Ports & SEZ (SEZ) advanced in Thursday's trade following block deals worth Rs 5,282.33 crore on NSE. Data showed a total of 8,86,00,000 Adani Ports shares changed hands earlier today at Rs 596.20, which was 0.98 per cent lower than previous close of Rs 602.10.

Following the development, the scrip rose 1.98 per cent to Rs 611.20. This was the sixth straight day of gains for the stock. The scrip has gained 12.24 per cent during the period.

JM Financial recently initiated coverage on Adani Ports with a 'Buy' rating and a March 2024 target price of Rs 800, as it expects Adani Ports to remain the market leader in India with volume growth of 16 per cent, translating into revenue growth of 15 per cent, Ebitda growth of 15 per cent and PAT growth of 13 per cent, compounded annually over FY23-25E.

JM Financial said Adani Ports Ltd may generate cumulative operating cash flow (OCF) of Rs 26,100 crore in FY24-25 and have a capex of Rs 12,000 crore, resulting in Rs 14,000 crore of free cash flow, substantially higher than its debt-repayment obligations of Rs 11,000 crore.

Adani group shares were in focus on Thursday after the group called reports of it securing a fresh $3 billion loan from unnamed sovereign funds as baseless speculation, totally false and untrue. The stocks we also also in focus ahead of Supreme Court order on a batch of PILs seeking a probe into fraud allegations against the Adani Group by US-based short-seller Hindenburg Research.

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