Shares of two Adani Group companies- Adani Ports & Special Economic Zone Ltd and Adani Total Gas Ltd- shall remain in focus during the trading session Monday on the back of respective news flow, shares by the companies in separate exchange filings with the exchanges.
Adani Ports has signed a memorandum of understanding (MoU) with Abu Dhabi-based Rorix Holdings, a trade facilitation and finance company, during the UAE-India Business Forum to leverage the strengths to integrate advanced technologies into their logistics and trading platforms and create synergies that will transform the commodities market ecosystem, said the filing.
"This initiative marks a significant step towards fostering innovation and growth in the commodities market, offering a more seamless, secure, and transparent trading environment for stakeholders worldwide," the filing added.
Shares of Adani Ports & Special Economic Zone settled at Rs 1,438.45 on Monday, rising 2.16 per cent for the day. The total market capitalization of the company stood more than Rs 3.10 lakh crore of close in the previous session.
Adani Ports is expected to outpace India's overall growth, driven by a balanced port mix along India's western and eastern coastlines and a diversified cargo mix. The company continues to invest heavily in the port and logistics business to drive growth, said Motilal Oswal Financial Services.
"We expect Adani Ports to report 11 per cent growth in cargo volumes over FY24-26. This would drive a CAGR of 14 per cent, 15 per cent and 22 per cent in revenue, Ebitda and PAT, respectively over FY24-26. We reiterate our 'buy' rating with a target price of Rs 1,850," it added, suggesting a 29 per cent upside in the stock.
In the other filing by Adani Total Gas, the company announced to secure the largest global Financing in the city gas distribution business. The financing will accelerate ATGL’s network infrastructure development program in terms of expansion to cater to over 200 million people covering 14 per cent of India’s population.
Global lenders have provided financing to Adani Total Gas (ATGL). India’s leading city gas distribution (CGD) company ATGL has entered into an overall financing framework which enables ATGL to secure future funding based on its business plan, said the exchange filing.
The maiden financing of $375 million executed with international lenders includes an initial commitment of $315 million with accordion feature to enhance the commitments. Five international lenders participated in the initial financing which includes BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation, it added.
"The facility will fast track the capital expenditure program enabling ATGL to rapidly expand its network into its 34 authorized geographical areas across 13 states. The expansion will deepen the penetration of piped natural gas (PNG) and compressed natural gas (CNG) infrastructure, creating an ecosystem for a gas-based economy," said the filing further.
Shares of Adani Total Gas rose 1.60 per cent to settle at Rs 788.60 on Monday, commanding a total market capitalization of more than Rs 86,700 crore.