All 10 listed Adani Group stocks (including ACC, Ambuja Cements and NDTV) settled higher for the first time in sync on Wednesday since the US-based short seller Hindenburg Research released its report which resulted in a massive slump in the conglomerate’s share prices.
That said, there is one Adani stock that stood tall amid the recent plunge. Adani Ports and Special Economic Zone Ltd (Adani Ports) continued its upward trend for the fifth straight session. Adani Ports’ stock rose 1.61 per cent today to close at Rs 602.15. The counter has surged 52.46 per cent from its 52-week low level of Rs 394.95, hit on February 3, 2023.
A total of 19.20 lakh shares changed hands on BSE today, which was more than two times compared to Adani Ports’ two-week average volume of 9.54 lakh shares. Turnover on the counter stood at Rs 116.28 crore, commanding a market capitalisation (m-cap) of Rs 1,30,072.77 crore.
On the earnings front, the country’s largest integrated logistics player’s net profit slipped 12.94 per cent to Rs 1,336.51 crore during the third quarter ended December 2022 (Q3 FY23) against Rs 1,535.28 crore in the same period a year ago.
JM Financial has initiated coverage on Adani Ports Ltd with a ‘Buy’ rating and a one-year target price of Rs 800, suggesting a potential upside of 36 per cent.
Kotak Institutional Equities has assigned a ‘Buy’ call on Adani Ports while pegging the stock at a fair value of Rs 810.
Deven Mehata, Derivative Analyst at Choice Broking, said, the stock could move towards the Rs 675-680 levels on a close above Rs 600.
Adani Total has an average target price of Rs 1,145, Trendlyne data showed, suggesting a potential upside of 90.17 per cent. The scrip has a one-year beta of 1.58, indicating high volatility.
The stock traded higher than the 5-day and 20-day moving averages but lower than the 50-day, 100- and 200-day moving averages. The counter’s 14-day relative strength index (RSI) came at 48.69. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a negative price-to-equity (P/E) ratio of 100.50.
Also, shares of Adani Total Gas Ltd returned to positive territory after sliding for 26 straight sessions.
Adani stocks started dwindling from January 24 after Hindenburg, in its report, alleged that the Gautam Adani-led Indian conglomerate had engaged in stock manipulation and accounting fraud scheme over the last few decades. Adani Group, however, refuted the claim as baseless.
Meanwhile, Indian equity benchmarks settled higher today, halting their eight-day losing run, led by gains in metals, banks, energy and automobile stocks.
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