Adani Enterprises 'too big to ignore' -Cantor Fitzgerald, sets 'overweight'

New Delhi Television

29/01/2024 06:17

(Updates with shares, details on pre-Hindenburg levels)
    ** India's Adani Enterprises  ADEL.NS  up 4.9% at 3,029
rupees after Cantor Fitzgerald starts with 'overweight'
    ** Sets PT of 4,368 rupees, ~51% above last close and
implying stock to move past pre-Hindenburg level of 3,442 rupees
    ** Cantor says valuation is based on Adani's airports,
roads, solar, wind, electrolysers segments, which it expects to
outgrow peers
    ** Cantor - the first brokerage to cover Adani, per LSEG
data - expects airports, new energy ecosystem and data centre JV
to be spun out
    ** Expects Adani Enterprises to rely less on outside capital
in coming years, as margins improve
    ** ADEL stock set for biggest one-day gain in eight weeks
    ** Other Adani group companies up 1%-5%

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))