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    HomeNewsBusinessStocksHold Adani Enterprises; target of Rs 74: Axis Direct

    Hold Adani Enterprises; target of Rs 74: Axis Direct

    Axis Direct has recommended hold rating on Adani Enterprises with a target price of Rs 74 in its research report dated August 11, 2016.

    August 12, 2016 / 14:38 IST
       
       
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      Axis Direct's research report on  Adani Enterprises

      Coal trading profitability remains muted at USD 0.9/t in Q1, much below historical margin (USD 6-7/t). Low profitability offset strong volumes (24 MT; up 31% YoY). Reported PAT was propped up by a favorable arbitration award of Rs 1.96 bn (Rs 1.8 bn for prior period) for a mining contract with Rajasthan Rajya Vidyut Nigam Ltd. We revise our estimates to factor in lower profitability of coal trading and impact of Ind-AS on JVs. Maintain HOLD with revised TP of Rs 74 (Rs 83 earlier)

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      first published: Aug 12, 2016 01:51 pm

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