JPMorgan has maintained its Overweight call on Adani Ports and Special Economic Zone with a target price at Rs 440 per share after promoter offloaded its 4 percent stake in the company over past few days.
Temasek Holdings was among large institutional buyers in the recent promoter stake sale.
"Entry of well regarded & large institutional funds is a positive sign for investor confidence," the research house said, adding the stake sale has yielded proceeds of Rs 3,000 crore for promoters.
At 14:08 hours IST, the stock price was quoting at Rs 364.75, up Rs 1.55, or 0.43 percent on the BSE.
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