As per the latest news, Adani Ports and Special Economic Zone Ltd. has reportedly surpassed Rs.1 trillion market valuations for the first time, after its stock prices hit a record high, having rallied over 34 percent so far in 2020.
Sources cite that shares of the company are trading at a price of Rs.492.85 each, on the BSE on 28th December, increasing nearly 3 percent from its last traded price. In November, the stock price had surged 14 percent, while so far this month it has increased by 20%.
This is the second company to have achieved such a milestone in the Adani Group. Previously, Adani Green Energy Ltd had also recorded similar milestones and recorded an all-time high of Rs 941.15 on the BSE on inclusion in MSCI India index. The stock price of the company surpassed its previous high of INR 923 on 12 November.
Apparently, Adani Ports has become the favorite stock of investors after the acquisition of the Krishnapatnam Port. The company acquired Krishnapatnam Port in October, for Rs.12,000 crores. The deal is anticipated to create an operating income of Rs.1,200 crores for the financial year ending March 2021.
Recently, Adani Ports stock has become a favorite of numerous broker agencies. Elara Capital has reiterated the companys buy rating on the stock and surged the target price to INR 560 apiece, which increased by 23%. One of the leading brokerage firms Nomura has also increased its buy rating and increased its target price to Rs.530.
Besides, Jefferies India has increased the target price to Rs.525, up from Rs.425 a share. Kotak Institutional Equities is also bullish on the stock with a target price of Rs.495 apiece. According to reliable sources, the stock has 25 buy ratings, one hold rating, and zero sell ratings.