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Adani Ports shares erase morning gains to end in red; global brokerage retains 'buy'

Citi has maintained buy rating on the stock with target at Rs 1,000 per share. It is of the view that the negative news flow around Group companies is a sentiment negative adding that it is unlikely to have any impact on companies business prospects.

June 15, 2021 / 03:51 PM IST
 
 
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Adani Ports share closed down 0.86 percent at Rs 761.65 percent in the morning session on June 15. However, the stock came under pressure and slipped into the red down half a percent.

It was trading at Rs 763.00, down Rs 5.70, or 0.74 percent at 10:16 hours. It has touched an intraday high of Rs 802.00 and an intraday low of Rs 755.

Adani Group stocks have been on the radar after reports made rounds about NSDL freezing 3 FPI accounts of Adani companies. As a result, Adani group stocks yesterday fell 5-20 percent.

However, the accounts of three foreign funds that are big stakeholders of Adani group companies are not frozen, a top official of the National Securities Depository Ltd (NSDL) informed the port-to-energy conglomerate.

To be sure, the NSDL website still shows that the accounts of the three so-called foreign portfolio investors (FPIs) are frozen. But this punitive action pertains to older cases, NSDL officials told Moneycontrol, asking not to be named.

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Also read: NSDL says accounts of foreign funds invested in Adani companies are not frozen

With Adani stocks in the news, global research firm Citi has maintained a buy rating on the stock with a target of Rs 1,000 per share. It is of the view that the negative news flow around Group companies is a sentiment negative adding that it is unlikely to have any impact on companies business prospects, according to a CNBC-TV18 report.

Citi believes that Adani Ports is well-positioned to grow its already high market share. "The current valuation is attractive," it added.

Also read: Adani group stock bounce back after NSDL says FPI accounts in Adani companies are not frozen

Adani Group has quashed reports about the National Securities Depository Ltd (NSDL) freezing three foreign portfolio investors (FPIs) related to the group. Adani Group CFO Jugeshinder Singh told CNBC-TV18 that it was "a malicious attempt to push a patently false story".

Singh said that the conglomerate had not sought any clarification from the FPIs, but it sought the same from the regulator.

He also told the news channel that the Registrar and Transfer Agent (RTA) confirmed that the FPIs accounts had not been frozen and added that he cannot comment on the statements made by the FPIs.

"These Funds (FPIs) have been shareholders of Adani Enterprises since 2010 and these funds became shareholders of other entities due to AdaniEnt holding. Blackrock, Vanguard, Teachers, Credit Suisse have acquired stakes in several Adani entities," Singh told CNBC-TV18.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Jun 15, 2021 09:47 am

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