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Adani Group stocks post Q3 results
Adani Group:
Hindenburg effect
The Adani Group stock rout started after US-based short seller Hindenburg Research published a report on the Adani Group on January 24, 2023
Adani Group:
Hindenburg effect
The Hindenburg report claimed that the Adani Group engaged in “accounting fraud, stock manipulation and money laundering” over the course of decades. Adani Group denied the allegations
Shares of Adani Total Gas tanked the most 72% to Rs 1078.85 from Rs 3,885.45 during the same period, followed by Adani Green Energy (down 67.5%), Adani Transmission (down 63%), Adani Power (down 49%), Adani Enterprises (down 48%), Adani Wilmar (down 31%), Ambuja Cements (down 31%), NDTV (down 30.5%), Adani Ports and SEZ (down 25%) and ACC (down 21%)
Adani Group stocks:
Carnage on D-Street
"The biggest issue the group would be facing now and going forward would be fundraising. Growth will now depend on fundraising and I think it will be postponed for at least by 18-24 months," said independent market analyst Ambareesh Baliga
Adani Group stocks:
What's next?
"I don’t think anyone is questioning the business of the Adani Group. Once the issue gets sorted out, they will come back on track but it will take a while. Most of the stocks are still quite expensive," said Ambareesh Baliga
Adani Group stocks price
Centrum believes Adani Ports’ portfolio comprises robust cash-generating assets with scalable infrastructure and long concession periods. It has a target price of Rs 900 per share
Centrum Broking on
Adani Ports share
Credit Suisse on Adani
Ports stock
Credit Suisse upgraded the Adani Ports stock to Outperform from Neutral with a target of Rs 825 on attractive valuations and a strong earnings growth outlook
Axis Securities on
ACC stock
Axis Securities has a ‘Buy’ call on ACC with a target price of Rs 2,450. However, it has reduced its estimates for FY24 and FY25 owing to a delay in capacity expansion and the temporary shutdown of the plant in Himachal Pradesh
KRChoksey on Adani
Wilmar stock
KRChoksey said Adani Wilmar may perform well because of strong and sustainable volume growth. It expects Adani Wilmar to benefit from the recent uptick in demand
The stocks mentioned in the story are for information purposes only. Investors or market participants should consult their financial advisors before taking any position