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HomeBusinessAdani Ports share price 2% lower, ₹913-crore equities change hands: What's happening

Adani Ports share price 2% lower, ₹913-crore equities change hands: What’s happening

Adani Ports share price: Shares of Adani Ports fell 2 per cent today (April 8). This comes after a 913-crore deal took place on the exchanges. At 9.48am, shares of Adani Ports and Special Economic Zone were trading at 1,349.65 on the NSE. The deal is likely to spike volumes in the counter as one crore shares changed hands on the exchanges so far. 

Adani Ports share price: A general view of a container terminal is seen at Mundra Port, one of the ports handled by Adani Ports and Special Economic Zone Ltd.(Reuters)

This is much higher than the one-month daily traded average of 35 lakh shares. Moneycontrol reported that around 67 lakh shares- 0.3 percent equity in Adani Ports- changed hands at an average of 1,361 per share. 

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Adani Ports monthly updates

This comes after Adani Ports released its monthly updates reporting its highest-ever monthly cargo volume of 38 million metric tonnes (MMT) in March. It also said that the company managed a total cargo handling of 420 MMT in FY24, including international ports and registered a 24 percent year-on-year rise.

Brokerage firms on Adani Ports

Citi revised its target price for the stock putting it at 1,758 as against previous 1,564. This indicated a potential upside of about 27.8 per cent as the brokerage firm remained optimistic about Adani Ports’ upcoming quarterly earnings.

Read more: BSE all listed firms’ market cap hits 400 lakh crore, a first: Top points

Morgan Stanley also pushed its ‘overweight’ rating on the stock with a target price of 1,576 as it citing volume growth for the past fiscal year surpassing expectations as eight out of ten Adani ports reported double-digit growth.

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