Key Points of Adani Ports Gets ‘Buy’ Rating From CLSA:
- Adani Ports and SEZ receives “buy” rating from CLSA with target price raised to Rs 790 from Rs 700.
- The company is focusing on reducing its net debt/EBITDA ratio to 2.5x by adjusting its capital expenditure plans for fiscal years 2022 to 2025.
- Adani Ports and SEZ expected to refocus on its core business with guidance for double-digit growth in its EBITDA for fiscal years 2022 to 2024.
- Goldman Sachs reaffirms “buy” rating on Adani Ports and SEZ with a target price of Rs 810, suggesting a 25% increase from the current market price.
- Morgan Stanley has an “overweight” stance on the company’s stock, with a target price of Rs 690.
- Adani Ports and SEZ expands its portfolio with acquisition of Karaikal port in Puducherry for Rs 1,485 crore, bringing its total portfolio to 14 ports in the country.
- Over the past three years, APSEZ has acquired Krishnapatnam and Gangavaram ports in Andhra Pradesh on the East coast, as well as running ports and terminals in Dhamra, Kattupalli, Ennore, and Visakhapatnam.
Details of Adani Ports Gets ‘Buy’ Rating From CLSA:
Adani Ports and SEZ has received a “buy” rating from brokerage firm CLSA, with the target price raised to Rs 790 from Rs 700, according to CNBC TV18. The company has adjusted its capital expenditure plans for fiscal years 2022 to 2025 and is now focusing on reducing its net debt/EBITDA ratio to 2.5x, the report said. With the Adani group’s concerns easing, Adani Ports and SEZ is set to refocus on its core business, with guidance for double-digit growth in its EBITDA for fiscal years 2022 to 2024.
Goldman Sachs has also recently reaffirmed its “buy” rating on Adani Ports and SEZ, with a target price of Rs 810, suggesting a 25% increase from the current market price. Meanwhile, Morgan Stanley has an “overweight” stance on the company’s stock, with a target price of Rs 690.
Adani Ports and SEZ has been expanding its portfolio, with its recent acquisition of the financially distressed Karaikal port in Puducherry for Rs 1,485 crore, strengthening its presence on the east coast. The acquisition has been approved by the Chennai bench of the National Company Law Tribunal on April 3, bringing Adani’s portfolio to a total of 14 ports in the country.
Over the past three years, APSEZ has also acquired Krishnapatnam and Gangavaram ports in Andhra Pradesh on the East coast, as well as running ports and terminals in Dhamra, Kattupalli, Ennore, and Visakhapatnam.
About Adani Ports:
Adani Ports and Special Economic Zone Ltd. (APSEZ) is a logistics and port operating company based in India. It operates a network of 12 ports and terminals, including the first port-based SEZ in India located in Mundra. APSEZ is currently the largest private port operator in India.
For More Latest News Click Here
