Shares of Adani Ports and Special Economic Zone rallied 2 percent intraday on December 20 as Kotak Institutional Equities remained bullish on the stock, citing likely strong financials going forward.
The brokerage has a buy call on the stock with a target price at Rs 450 per share, implying a 21 percent potential upside from current levels.
"The improved operating performance of group companies and recent stake sale are reassuring. Share pledges are stagnated and can decline meaningfully on stake-sale transactions. The balance sheet allows big additions to business portfolio beyond Gujarat ports. Its outperformance in Gujarat brightens the prognosis for near-term financials," the research firm listed as positives.
Kotak said Adani Ports continued to focus on improving its port offering and it is well placed to make the big move beyond Gujarat ports.
The stock was quoting at Rs 377.40, up Rs 6.95, or 1.88 percent on the BSE at 1112 hours IST.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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