Adani Ports and Special Economic Zone shares gained as much as 3 per cent to hit intraday high of Rs 313.40 in an otherwise flat market on Friday.
International brokerage CLSA has maintained 'buy' rating on Adani Ports with a target price of Rs 400 per share, indicating a potential upside of 31 per cent from yesterday's closing price.
CLSA said investment grade rating of Adani Ports will help the company reduce its interest cost in the near future. The brokerage expects 27 per cent compounded annual growth rate (CAGR) in earnings per shares of Adani Ports over FY15-17.
Shares in Adani Ports ended 2.43 per cent higher at Rs 312.25 apiece, outperforming the broader Nifty, which closed 0.22 per cent higher.
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