Mumbai, Dec 30 (IANS) The share of Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, jumped nearly 5 per cent in the morning trade on Monday.
At around 11:06 am, the share price of Adani Enterprises rose 4.97 per cent to Rs 2,529 per share on the BSE.
The stock’s 52-weeks high price was Rs 3,743 per share and lowest price was Rs 2,030 per share.
The current market price of Adani Enterprises has crossed its two resistances. The current market price first crossed the resistance of 2,444.93, after which it was successful in crossing the resistance of 2,473.37.
Meanwhile, Adani Ports maintained its place in the top gainers of the Sensex. At around 10 am, the stock of Adani Ports was trading at Rs 1,239.75, up 0.74 per cent.
This rise in the AEL’s stock is being considered a strong bullish move.
Leading brokerage firm Ventura Securities Limited has set a market value target of Rs 3,801 for Adani Enterprises’ shares in the next two years.
In a bull case scenario, the target price rises to Rs 5,748, which would mark an upside of 138.6 per cent, the brokerage said in its latest note.
According to Ventura’s note, Adani Enterprises is on a strong growth trajectory. The company’s consolidated revenue will reach Rs 1.56 lakh crore at a CAGR of 17.5 percent in the next three years from FY 2024 to 2027.
According to the note, this growth will be driven by the company’s expansion of airport, solar, and wind turbine businesses, as well as revenue contributions from copper business.
The Adani Group’s flagship company is targeting Rs 6.5-7 lakh crore in capital expenditure over the next decade, primarily focusing on airports, data centres, copper, and green hydrogen, according to Ventura.
–IANS
skt/na
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