India's Adani Ports tops Nifty 50 gainers; Kotak expects better volume growth

IRB Infrastructure Developers

14/06/2024 08:10

** Shares of Adani Ports and Special Economic Zone  APSE.NS 
rise about 2.6%, top Nifty 50  .NSEI  gainer by percentage
    ** APSE is sitting on a capacity bank of 5-6x of its current
capacity, well above its peers like GMR Airports  GMRI.NS , IRB
Infrastructure  IRBI.NS , says Kotak Institutional Equities
    ** Adds APSE grew its volumes by 14% in April and May 2024,
above the market average of low-to-mid single digit percentage
growth in this period
    ** Kotak raises APSE's volume estimates by 5%-6% for fiscal
year 2026 and 2027, expecting sustained growth in operating
profit
    ** Reiterates "buy" and hikes target price to 1,650 rupees
from 1,550 rupees, fourth highest among 19 analysts tracking the
stock, with an average rating of "buy"
    ** Kotak's target price is at a premium of 15.5% to current
price - LSEG data
    ** Shares of APSE have risen 40% in 2024 so far,
outperforming 7.9% gain for Nifty 50 index  .NSEI 
    
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))