http://sharetipsinfo.comJust get registered at Sharetipsinfo and earn positive returns
It is the second largest non-major port in Andhra Pradesh with a 64 MT capacity established under concession from Government of Andhra Pradesh (GoAP) that extends till 2059.
Representative image of a bulk carrier at the Ningbo Zhoushan port in China's Zhejiang province. (Image: Reuters/Stringer)Adani Ports share price continued its upward move for the fourth consecutive day on March 24. The stock price has risen over 8 percent within the last 3 days. Today morning, it had been trading at Rs 747.55, up Rs 9.35, or 1.27 percent.
The country's largest private multi-port operator said last week that it'll acquire interest in Gangavaram Port (GPL) from DVS Raju and family for Rs 3,604 crore taking its stake in GPL to 89.6 percent.
GPL is found within the northern a part of Andhra Pradesh next to Vizag Port.
“Adani Ports and Special Economic Zone (APSEZ), India's largest private ports and logistics company, is acquiring the 58.1 percent stake held by DVS Raju and family in Gangavaram Port Limited (GPL),” the corporate said during a statement.
The acquisition is valued at Rs 3,604 crore.
“Ports play a serious role in shaping the longer term . Through APSEZ''s 89.6 percent stake in Gangavaram port, the Adani Group will greatly expand its pan-India cargo presence. As India''s largest private sector port developer and operator, we'll accelerate India''s and AP''s industrialisation,” Adani Group Chairman Gautam Adani said during a tweet.
Adani Ports stock movement since last 1 month
It is the second largest non-major port in Andhra Pradesh with a 64 MT capacity established under concession from Government of Andhra Pradesh (GoAP) that extends till 2059.
Domestic brokerage ICICI Securities features a buy turn the stock with target of Rs 790 per share. The stock is in strong uptrend. it's generated a breakout above a falling channel containing last two weeks' breather, it said.
Adand Rathi also features a buy with target of Rs 790 per share on Adani Ports. it's of the view that the stock has been during a secular uptrend for quite while and has managed to measure the market volatility. It witnessed a reversal from the support of its 21-DEMA on the daily chart indicating bullishness within the counter. On the oscillator front, 14-period RSI has also seen a resurgence from the previous swing low and is ready to march northwards within the coming future, the brokerage added.
Global research firm Morgan Stanley has maintained its overweight turn the stock with target at Rs 733 per share. It believes that the Gangavaram Port deal is value accretive adding that the Port features a strong balancesheet, steady income generation, consistent with a CNBC-TV18 report.
Note: The Morgan Stanley report is compiled from information available on public platforms/CNBC-TV18.
Disclaimer: The views and investment tips expressed by investment experts on sharetipsinfo.com are their own, and not that of the web site or its management. sharetipsinfo.com advises users to see with certified experts before taking any investment decisions.
Get Best Stock Market Tips With High Accuracy