Adani Enterprises Ltd. is rallying in early Tuesday morning trade after Jefferies has maintained a 'buy' rating, with an unchanged target price of Rs 3,000, citing progress on the Navi Mumbai airport, renewable energy business and SEBI's clean chit.
Following the positive note, the stock is trading with gains of 3%, reaching intraday high of Rs 2,610. Over one month, the stock has given returns of more than 11%.
Adani Enterprises' management said the Navi Mumbai International Airport is set to launch Oct. 25, with an initial passenger handling capacity of 20 million annually, Jefferies noted.
The company is aiming is target over 80% capacity utilisation by FY27. The brokerage firm noted that management also discussed new tariff structures across its airport portfolio, which does show greather profitability.
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As far as Adani New Industries Ltd is concerned, solar and wind projects are moving forward at pace, while green hydrogen projects will also be considered based on viability. This adds to positive sentiment around the stock.
Separately, Adani Group has been cleared of allegations of stock manipulation raised by US-based short-seller Hindenburg, with the Securities and Exchange Board of India (SEBI) giving the group a clean chit.
SEBI's report dismissed any act of manipulation. The clarity from the regulator led to Adani stocks buzzing in trade on Friday, with Adani Enterprises surging more than 5%.
Jefferies believes SEBI's clean chit is a major boost for Adani Enterprises, the group's flagship company.
SEBI's clean chit to Adani removes a key regulatory risk, while the airport and renewable energy projects provide visibility on medium-term growth is broadly the main takeaway from the Jefferies note
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