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.
Adani Ports share price gained a 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.
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
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