Jefferies says India's JSW Infra safer bet vs Adani Ports amid tariff jitters

JSW Infrastructure

15/04/2025 06:24

** India's JSW Infrastructure JSWN.NS is placed better compared to larger peer Adani Ports APSE.NS against tariff uncertainties, says Jefferies
** Says bulk and liquid goods, mainly domestic driven, accounts for 98% of JSW Infra's volumes; co at "low earnings risk" from potential global slowdown
** Adani Ports has higher exposure to containers, note adds; containers more vulnerable to tariff-spurred trade disruptions
** Separately says, private port operators strengthening their logistics business is key risk to Container Corporation of India (CONCOR) CCRI.NS
** Prefer ports to logistics; JSWN, APSE "top picks" - note

** JSWN up 1.2% to ~300 rupees, APSE gains 4% to 1209 rupees
** Jefferies hikes PT for JSWN to 355 rupees (from 330 rupees); cuts PT for APSE to 1340 rupees (from 1440 rupees), trims CCRI to 795 rupees (from 980 rupees)

** CCRI last up 0.4%

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com))