Global brokerage houses remain bullish on Adani Ports and Special Economic Zone even though the stock fell nearly a percent intraday on November 13. The drop came after the company’s second-quarter earnings, reported November 11, fell short of expectations.While retaining an outperform call on the stock, Macquarie raised its target price to Rs 496 from Rs 470, implying 28 percent potential upside from current levels.It also raised company’s FY20-22 EPS estimates by 5-6 percent, saying the balance sheet had ample headroom to fund expansion and acquisitions.Close Adani Ports lowered its volume guidance to 224-228 mmt for FY20 at 8-10 percent growth but was confident about meeting that guidance. “Cargo diversification in bulk, break-bulk and gas will give resilience,” the brokerage said. related news Hot Stocks: Book profits in Nifty50 above 12,000-12,200 levels Ideas for Profit | What makes this contract manufacturer worth a shot? ‘India’s long-term outlook is good; invest in these 5 stocks for double-digit returns’ The company’s consolidated net profit grew by 72.4 percent year-on-year to Rs 1,059.2 crore, driven by tax write back of Rs 172.9 crore after the government cut the corporate tax rate and higher other income, up 61 percent, in the quarter.Consolidated revenue from operations… Read full this story
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