Moneycontrol
Apr 18, 2013 12:30 PM IST | Source: Moneycontrol.com

Deustche Bank initiates buy on Adani Ports, stock soars

Gujarat-based Adani Ports and Special Economic Zone rose nearly 2 percent on Thursday after the Deustche Bank recommended a buy rating on the stock with a target price of Rs 170.

 
 
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Gujarat-based Adani Ports and Special Economic Zone rose nearly 2 percent on Thursday after the Deustche Bank recommended a buy rating on the stock with a target price of Rs 170.


Deustche Bank expects 30 percent earnings per share CAGR over FY13-15 on the back of debt reduction initiatives through the Abbot Point port sale.


On January 28, the board of directors of the company had in-principle decided to divest its significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia to the Adani family.


"This divestment will further enhance the financial strength of APSEZ in order to pursue its plans to acquire / set up new ports & logistics assets in India," the company said.

At 10:12 hours IST, shares gained 1.6 percent at Rs 143.30 on Bombay Stock Exchange.

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