Adani Ports And Adani Enterprises Share Prices Lead Nifty Gains

Adani Ports and Special Economic Zone Ltd. and Adani Enterprises Ltd. stocks emerged as the top gainers on the Nifty 50 on Tuesday, with the former contributing nearly 15 points to the benchmark index.

Adani Enterprises shares surged over 4%, while Adani Ports climbed over 7% during the session. Most Adani Group company stocks, including their green energy business, advanced in trade.

Bernstein Research shared a note on Tuesday stating that the operational risks in Adani Group have reduced over the years, with a fall in share pledges, and improving leverage among others.

The rally in Adani Ports follows updates that it reported to exchanges on Monday. Gopalpur Ports Ltd., a subsidiary of APSEZ, received a credit rating upgrade from CareEdge. The rating improved by six notches to CARE AA with a 'stable' outlook, reflecting the impact of its acquisition by Adani Ports in March 2024 from the Shapoorji Pallonji Group.

Additionally, Adani Ports reported handling 36 million metric tonnes of cargo in November, driven by a 21% year-on-year growth in container volumes. For the year-to-date period ending November, the company managed 293.7 million metric tonnes, marking a 7% YoY increase. The growth was led by a 19% rise in container traffic and a 7% increase in liquids and gas cargo, as per an exchange filing.

Adani Ports stock rose as much as 7.71% during the day to Rs 1,309.50 apiece on the NSE. It was trading 7.25% higher at Rs 1,304 apiece, compared to a 0.54% advance in the benchmark Nifty 50, as of 12:12 p.m. 

It has risen 48.8% in the last 12 months and 27.38% on a year-to-date basis. The relative strength index was at 53.16.

Of the 18 analysts tracking APSEZ, 17 have a 'buy' rating on the stock and one recommends a 'hold', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 28.8%.

Adani Enterprises stock rose as much as 4.12% during the day to Rs 2,558.35 apiece on the NSE. It was trading 3.20% higher at Rs 2,535.65 apiece, compared to an 0.54% advance in the benchmark Nifty 50 as of 12:12 p.m. 

It has risen 0.03% in the last 12 months and fallen 11.11% on a year-to-date basis. The total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index was at 44.22.

The three analysts tracking the stock have a 'buy' rating on it, according to Bloomberg data. The average of 12-month analyst price target implies a potential upside of 67.8%.

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