Adani Ports and Special Economic Zone Ltd shares are trading around a record high. From its 52-week low in February 2023, the Adani Group stock has rebounded 169%. With the latest leg of the rally, it appears that 2023 will conclude on a high note. On February 3, 2023, Adani Ports shares hit a 52-week low of Rs 394.95. On December 6, this year, they reached a new high of Rs 1082.95.
Adani Ports shares closed 2.04% higher at Rs 1063.65 on Wednesday, just below the record high set a few sessions earlier. With the stock closing above Rs 1,000 for the seventh consecutive day, investors are wondering how long the Adani Group scrip can keep gaining.
However, according to its relative strength index (RSI) statistics, the Adani Ports stock could potentially be in for a fall. The RSI is currently trading above 70, indicating that it is in the overbought zone. With an RSI of 84.5, the stock has far more buyers than sellers.
On the BSE, the firm's market valuation increased to Rs 2.29 lakh crore in the most recent session. On the BSE, 10.39 lakh shares of the company changed hands, resulting in a higher turnover of Rs 43.69 crore. On the BSE, the large cap stock opened higher at Rs 1084.50. Adani Ports shares have increased by 18.74% in a year and by 29.30% since the beginning of this year.
The one-year beta of Adani Ports is 0.5, showing very low volatility throughout the time. Adani Ports' shares are trading above their five-day, twenty-day, thirty-day, fifty-day, hundred-day, and two-hundred-day moving averages. Motilal Oswal has kept its 'Buy' rating on Adani Ports stock. The price objective for Adani Group stock has been reduced to Rs 1,210, based on 16 times FY25 EV/Ebitda forecasts.
"We have increased our volume estimates for FY24 by 2% to 410 mmt." "We now expect Adani Ports to grow by 16% in volume over FY 23-25, with revenue, EBITDA, and PAT CAGRs of 23%, 21%, and 17% over the same period," stated Motilal Oswal Securities.
Kotak Institutional Equities has upgraded its EBITDA projections for the Gautam Adani-led firm by 5-6 percent to account for stronger volume growth at the Mundra, Dhanraj, and Ennore ports. Kotak predicts Adani Ports to achieve a volume CAGR (compounded annual growth rate) of 9% for Mundra, 10% for existing ports, and 15% for the whole portfolio between FY2023-26.
Kotak expects Adani Ports' EBITDA CAGR to be 21% due to higher realisations and margin expansion. The firm believes that Rs 1,060 is a reasonable price for the shares.
