Adani Ports’ share price jumped back strongly in the green on Tuesday morning.
What Happened: The stock bounced back on Tuesday as CLSA maintained its ‘buy’ rating on the stock with a target price of ₹878. The brokerage firm said that the “war presents an even better buying opportunity in the stock.”
The global brokerage said that the port is located in the North, while Gaza falls in the South, so disruptions should be minimal. As per the brokerage, the value of the Haifa Port in the Adani Ports’ share price is around 1.3%, while the fall on Monday was around 5%.
The firm noted that the Haifa port accounted for 3% of the Port major’s volume between April and September this year. The company also said in a statement on Monday that it is actively monitoring the situation on the ground and remains fully alert and prepared with a business continuity plan. This plan is designed to enable the company to respond effectively to any unforeseen event or situation that may arise.
Price Action: Adani Ports’ share price was up 2.78% to trade at ₹812 at open on Tuesday.
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