Adani Stocks Add Over Rs 74,500 Crore To Investors' Wealth Led By Energy Arm
Jefferies has maintained its ‘buy’ rating on Adani Energy with a target price of Rs 1,365 apiece, implying an upside of 28%.
The Adani Group companies added over Rs 74,500 crore in investors' wealth on Friday led by stocks of the energy arm that surged on positive analysts commentary following its first-quarter results.
The total market capitalisation of Adani Group stocks hit an intraday high of Rs 17.31 lakh crore before paring gains to Rs 17.10 lakh crore as of 1:36 p.m..
Shares of Adani Energy Solutions Ltd. surged over 9% after its revenue jumped 47% year-on-year to Rs 5,379 crore in the quarter ended June 30, 2024 due to contributions from the freshly commissioned Warora-Kurnool, Karur, Kharghar-Vikhroli, and Khavda-Bhuj transmission lines.
Jefferies maintained its ‘buy’ rating on Adani Energy with a target price of Rs 1,365 apiece, implying a potential upside of 28% from the previous close.
The company will benefit from the Distribution Reforms Act, if it goes through. Smart metering remains an exciting opportunity with 120 million government bids left, the brokerage said in a note on July 25.
Meanwhile, Adani Green Energy Ltd.'s revenue was also up 31% year-on-year to Rs 2,834 crore. Its net profit surged 95% year-on-year to Rs 629 crore in the April-June quarter.
Shares of the conglomerate's media arm, New Delhi Television Ltd. and the flagship Adani Enterprises Ltd. surged over 4%, each, while those of Adani Ports and Special Economic Zone Ltd. and Sanghi Industries were trading over 3% higher.
That compared to an advance of 1.47% in the benchmark NSE Nifty 50 as of 1:30 p.m.
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