Stocks To Buy: Analysts Bullish On 2 Adani Group Stocks, Recommend Buy/Hold Calls

Leading brokerage firms have initiated buy and hold call to two Adani Group stocks namely Adani Power and Adani Ports and Special Economic Zone Ltd. Adani Power shares offered eye-popping returns of 179% in last 1-year and Adani Ports share gave over 85% returns in last 1-year. Check more details below:

1. Adani Power Shares: Sumeet Bagadi of Choice Broking recommended hold call for Adani Power Share with near term target price of Rs 850 per share and stop loss at Rs 730 per share. Meanwhile, Kushal Gandhi, Technical Analyst at StoxBox issued buy call on Adani Power with a price target of Rs 790 and keep stop loss at Rs 655.

"The power stock displays robust price strength and EPS strength and is improving buyers' demand with the progressive uptrend. We reiterate to buy Adani Power for the target of Rs 790 and a protective stop loss at Rs 655," said Kushal Gandhi.

Current market price of Adani Power Ltd share on BSE is Rs 767 with intraday gain of 2.41%. Adani Power has a market capitalisation of Rs 2,95,923.64 crore. Adani Power shares offered highly attractive return of 179% in last 1-year and whopping returns of 504% in last 3-years only. In last 5-years, Adani Power shares soared 1522%.

Adani Power Limited on June 5, 2024 informed the Exchange, "We would like to inform you that the company has been allotted 50,00,000 equity shares of Rs 10 each by Mirzapur Thermal Energy UP Private Limited (MTEUPL) on preferential basis resulting in a 99.8 per cent equity stake in MTEUPL. Consequently, MTEUPL has become a subsidiary of the company," said Adani Power in its exchange filing."

Adani Power on May 1 declared a 47.8% fall in its consolidated net profit to Rs 2,737 crore for the quarter ended March 2024. Adani power declared its net profit at Rs 5,242 crore in the corresponding period of last year. as per the BSE filing. Adani Power's total income during Q4 declared at Rs 13,881.52 crore as compared to Rs 10,795.32 crore in year-ago quarter.

2. Adani Ports Share: Current market price of Adani Ports And Special Economic Zone Ltd share on BSE is Rs 1378.85 per share with intraday gain of 1.93%. Morgan Stanely has overweight call on Adani Ports with target price of Rs 1517/share. Meanwhile, Jefferies too recommended buy call to Adani Ports share with target price of Rs 1640 per share. The company has a market capitalisation of Rs 2,97,850.76 crore. Adani Ports share fell over 4% in last 1-week, soared 332% year-to-date, and jumped 85% in last 1-year.

Adani Ports On May 2 announced a growth of 76% YoY in its consolidated net profit for the quarter ended March 31, 2024 to Rs 2040 crore as against Rs 1158 crore in the corresponding quarter of last year.

With reference to captioned subject, we would like to inform that Adani International Ports Holdings Pte Ltd (AIPH), a wholly owned subsidiary of the Company, has signed a concession agreement on May 31, 2024, with the Tanzania Ports Authority to operate and manage Container Terminal 2 (having 4 berths) at Dar es Salaam Port, Tanzania, as per the May 31 BSE filing of Adani Ports.

Further, East Africa Gateway Limited (EAGL), a joint venture entity of AIPH, AD Ports Group and East Harbour Terminals Limited (EHTL) have entered into a Share Purchase Agreement on May 31, 2024, to acquire 95% stake of Tanzania International Container Terminal Services Limited (TICTS) from Hutchison Port Holdings Limited (and its affiliate Hutchison Port Investments Limited) and Harbours Investment Limited for an amount of USD 39.5 million. Adani will operate CT2 through TICTS, added the BSE filing.

Adani Port To Go Ex-Dividend: It is worth mentioning that Adani Ports share will also trade ex-dividend for Rs 6.00 per share on June 14, 2024. Earlier, the Board has recommended a dividend Rs. 6/- (@ 300%) per equity share of Rs. 2/- each fully paid-up for the financial year 2023-24, subject to the approval of shareholder at the ensuing AGM.

Disclaimer: The stocks have been picked from the brokerage report of Morgan Stanely, Choice Broking, Jefferies, and StoxBox. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.