Shares of Adani Ports and Special Economic Zone (ASPEZ) dropped 2% today after the Adani group firm reported a 5% rise in net profit at Rs 1,159 crore for Q4FY23. Its revenue jumped 40% YoY to Rs 5,797 crore for the quarter
Adani Ports share price fell to an intraday low of Rs 721 on NSE today despite an upbeat commentary from the analysts and company. The stock nosedived after the damning Hindenburg report on Adani Group. However, it has since recovered significantly
Adani Ports on Tuesday declared a dividend of Rs 5 (250%) per equity share of Rs 2 each fully paid up for FY23, which implies a payout of around Rs 1,080 crore for the company
Adani Ports was one of the Adani Group companies that were caught in the eye of a storm since January 24, 2023, when the US-based short seller Hindenburg Research raised concerns on the conglomerate’s debt levels and use of tax havens
So far this year, Adani Ports stock price has fallen around 11%. The stock has, however, rallied more than 7% in the last one month as the Supreme Court-appointed committee gave a clean chit to Adani Group, saying there was no price manipulation on the part of the Adani Group
Brokerages maintain a positive outlook of Adani Ports stock. CLSA has maintained its ‘buy’ rating on the Adani Group company and hiked its target price to Rs 878 from Rs 792 earlier. The brokerage firm pointed out that APSEZ is getting ready for its next leg of growth
Brokerage firm Nomura has also retained its ‘buy’ call on Adani Ports stock with a target price of Rs 1,025. It said the company’s Q4 results are operationally better than estimates and highlighted that the management underlined its focus on deleveraging and minimum share pledges by FY24
Nuvama Institutional Equities sees Adani Ports stock at Rs 956, suggesting a 30% upside over Tuesday’s closing price of Rs 734.30. As per the brokerage, the guidance is reasonably robust. JM Financial also has a 'buy' call on the stock with a target price of Rs 850
Kotak Institutional Equities said it continues to build in a high 14%, CoE and would await further progress on the reduction in cash flow items linked to ICD given/received and further clarification in large outstanding security deposits given to EPC contractors against capital commitment. It has put a fair value of Rs 835 on the stock
The company expects revenue to reach up to Rs 25,000 crore in FY24, while EBITDA is expected at Rs 15,000 crore. The company plans to achieve up to 390 MMT cargo volumes and reduce its net debt to 2.5x
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