Adani Ports’ share price made a comeback at the bourses on Tuesday after plunging close to 5% over the Israel-Hamas crisis. The port major has been one of the strongest-performing Adani Group stocks this year. In the past six months, the stock has steadily climbed up over 25%.
The Investment: If you invest ₹10,000 in Adani Ports today, you will be able to bag around 12 shares of the company. Now, if the stock goes on to hit its 52-week high of ₹916 that it hit on Nov. 12, 2022, those 12 shares would be worth around ₹10,992.
The Background: The stock experienced a rebound on Tuesday, driven by a positive outlook from CLSA, which has maintained its “buy” rating on the stock and set a target price of ₹878. The brokerage firm believes that despite the prevailing challenges related to the geopolitical situation in Israel, the stock presents an attractive buying opportunity.
The company also filed its latest shareholding data on Tuesday. As per the latest data, promoters of the group have increased their shareholding in the company from 62.89% at the end of the June quarter to 65.53% in the September quarter.
The group at large is also trying to tackle another story from the business publication Financial Times. The Adani Group has issued a firm rebuttal in anticipation of an upcoming article by the Financial Times. The group contends that the article is an endeavour to resurrect “old and baseless allegations” in an effort to damage the reputation and integrity of the company.
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Price Action: Adani Ports’ share price was up 3.34% to trade at ₹816.45 in the late hours of trading on Tuesday.
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