Buy Adani Enterprises target of Rs 89: Edelweiss

Edelweiss is bullish on Adani Enterprises has recommended buy rating on the stock with a target price of Rs 89 in its research report dated September 16, 2016.

September 19, 2016 / 18:05 IST

26 Aug, 2025 12:21

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Edelweiss's research report on Adani Enterprises

Adani Enterprises (AEL) reported better than estimated Q1FY17 operating profit of INR5.4bn and adjusted PAT of INR 2bn on lower raw material costs and other operating expenses. While coal trading volumes spurted 31% YoY to 24MT, mining business more than doubled volumes (2.1MT versus 0.9MT last year). City gas volumes however, grew by mere 4% (97mmscmd versus 93mmscmd). Going ahead, the nascent renewable business and coal MDO opportunities - where AEL enjoys early mover advantage - will be key growth areas. Maintain 'BUY'.For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies 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.

first published: Sep 19, 2016 06:05 pm

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