Most Adani stocks gain on Rs 42,768-crore investment plan for Tamil Nadu

Adani Ports and SEZ scaled a 52-week high on January 9.

Most Adani group company stocks inched higher in the afternoon trade on January 9, with Adani Ports hitting a 52-week high, after the conglomerate announced plans to invest Rs 42,768 crore in Tamil Nadu.

The port-to-power group, which plans to invest in renewable energy, cement, data centres, city gas distribution, also signed memorandums of understanding (MoUs) with the Tamil Nadu government during a global investors meet on January 8.

Adani Green will invest Rs 24,500 crore, Adani Connex Rs 13,200 crore, Ambuja Cements Rs 3,500 crore and Adani Total Gas & CNG Rs 1,568 crore in the state. The investments will also open-up 10,300 employment opportunities, the group has said.

Adani Ports, Adani Enterprises, Adani Power, Adani Energy Solutions, Adani Total Gas and Adani Green Energy gained 1-3 percent.

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Adani Ports and SEZ is the top picks of 2024 for brokerage firm Motilal Oswal Financial Services. It expects volume growth in mid-teens over FY23-26 period, which will strengthen the firm’s journey towards becoming India’s largest integrated transport utility and world’s largest private port company by 2030.

The brokerage reiterated its “buy” call on the stock with a price target of Rs 1,410, implying over 20 percent upside. "As Adani Ports embarks on becoming India's largest integrated transport utility company by 2030, it is strengthening its capabilities in all logistics segments (ports, warehousing, last mile delivery, etc). Hence, it offers end-to-end service to its customers, thereby capturing a higher wallet share and also making the cargo sticky in nature," MOFSL said in a report.

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