Right time to buy Adani Shares: The share price of Adani Ports and Special Economic Zone Ltd Future has fallen over 9% since yesterday after reports emerged that three foreign portfolio investor (FPI) funds who invested in Adani (NS:APSE) Group companies have had their accounts frozen by the National Securities Depository Ltd (NSDL). Adani Ports is trading at Rs 763.65, down over 9% from Rs 839.75 on June 11.
Foreign brokerage firm Citi has maintained a buy target on the stock. It released a note on June 15 saying that it has a target price of Rs 1,000 on Adani Ports, an upside of almost 31% from its current trading price. Citi said that irrespective of the news reports, the business logic behind the company is solid and it doesn’t see why the company’s activity will be affected. It said that Adani Ports’ valuations are attractive at 19 times PE.
The company is in a solid position to grow its market share, and the negative news around the group has dampened sentiment around the stock. It is a good time to buy the stock, says Citi. Citi added that there are no reports that say the company’s shareholding is held by the any of the three FPIs. Two weeks back, Edelweiss had also recommended a buy on the stock with a target price of Rs 855.
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1.Adani Enterprises was down 5.82 per cent at Rs 1449.30.
2. Adani Enterprises Ltd has gained 213.40 per cent in the last six months. It has a market cap of Rs 1.59 lakh crore.
3. Adani Total Gas is up 917.9 per cent in the last one year and has a market cap of Rs 1.53 lakh crore. It was down on Wednesday by 5.02 per cent at Rs 1,394.
4. Adani Total Gas has gained 86.09 per cent in the last three months, as per Trendlyne data.
5. Adani Green’s market cap is at Rs 1.83 lakh crore, even though it is a relatively new company. Adani Green has given a one year return of 238.4 per cent.
6. Along with other stocks, Adani Green was down by 3.38 per cent at Rs 1,171.25 on Wednesday.
7. Adani Ports has given a one year return of 108 per cent compared to 61.1 per cent for the Nifty. Its market cap is at Rs 1.44 lakh crore. It was down 7.22 per cent at Rs 706.85 on Wednesday.
8. Adani Ports and Special Economic Zone Ltd has lost 19.14 per cent in the last one week.
9. Adani Transmission Ltd has gained 20.17 per cent in the last one month. On Wednesday, the stock was down 5 per cent at Rs 1,374.
Adani Power Ltd has lost 16.14 per cent in the last one week, as per Trendlyne data, but it gained 164.83 per cent in the last six months. In the last one year, it gained 239.3 per cent but was down on Wednesday by 4.97 per cent at Rs 127.25. It has a market cap of Rs 49,079 crore.