Adani Ports shares rebound 86% from 52-week low; can they hit four-digit mark

Today’s share price for Adani Ports: The stock, which fell along with other Adani Group shares after the Hindenburg Research report on January 24, 2023, said bad things about the company, has now gone back up by more than 86%.

Shares of Adani Ports and Special Economic Zone Ltd (APSEZ), which hit their 52-week low in February of this year, have made a strong comeback. The stock, which fell along with other Adani Group shares after the Hindenburg Research report on January 24, 2023, said bad things about the company, has since risen by more than 86%. In the last trade session, Adani Ports shares closed at Rs 736.40, up 86.45% from their 52-week low of Rs 394.95 on February 3, 2023.

On January 24, the stock was worth Rs 760.85. In just seven business days, it fell by 48%. Before the crash, on September 20, 2022, the stock reached its 52-week high of Rs 987.90. Adani Ports stock is expected to keep going up and down like a roller coaster in the near future.

Nomura, a global brokerage company, thinks that Adani Ports shares will go up to Rs 1,025.It has given the stock a “buy” grade because it thinks the results were better than expected in terms of how they worked. “Management said that the company will focus on reducing debt and pledging at least a certain number of shares by FY24. The company also expects strong growth in logistics volumes, which could be a risk for CONCOR. It thinks that the number of containers in shipping will grow by 20–22%,” said Nomura.

But CLSA’s goal price for Adani Ports stock, Rs 878, is not as optimistic as Nomura’s. CLSA has changed its goal from Rs 792, saying that core ports and logistics EBITDA rose 35% YoY and that the company consolidated its hold on the business by making many acquisitions.

It said that port traffic did well in FY23, with traffic up 9% from the previous year, and that the company is getting ready for its next growth spurt. CLSA said, “Its $4 billion forex debt led to an MTM hit, and the company left Myanmar.” Phillip Capital, another firm, has changed its goal from Rs 950 to Rs 930. It has always said that the stock is a “buy.”

“Adani Ports reported a good set of numbers that were mostly in line with what was expected. However, sales may be affected in the short term by global geopolitical events and a slowing economy, as well as margin pressure from an increase in operations in other countries. Phillip Capital said, “We still think it’s a great way to play the economic recovery cycle.”

On Friday, the Adani Ports stock closed at Rs 736.40, which was 0.56 percent higher than the previous close of Rs 732.30. Adani Ports shares have gone down 1.58 percent in one year and 10 percent since the beginning of this year. On BSE, the company’s market value went up to Rs 1.59 lakh crore. On BSE, 4.32 million shares of the company changed hands, which brought in Rs 31.91 crore.

In terms of technicals, Adani Ports’ relative strength index (RSI) is at 63.2. This means that the stock is neither overvalued nor oversold. The one-year beta for Adani Ports stock is 1.7, which means that the stock was very volatile during that time. Adani Ports shares are higher than the 5 day, 20 day, 50 day, and 100 day moving averages, but they are lower than the 200 day moving average.



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