Buy Rating for Adani Ports, Larsen & Tourbo: Citi bullish on share price target

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New Delhi: Citi Research has given a ‘Buy Rating’ for Adani Ports and Special Economic Zone Ltd (APSEZ) and (Larsen & Tourbo) L&T. Citi has raised its target price for L&T to Rs 4,373 per share from an earlier Rs 4,082 per share. while it maintained a ‘Buy Call’ for Adani Ports with a target price of Rs 1758.

Adani Ports share price target

Adani Ports shares rallied around 70 per cent in the last six months and 124 per cent in the last 1 year. The shares of Adani Ports were trading at Rs 1408 on April 2 at 10:48 am. Notably, all Adani group stocks were in the limelight on April 1, as investors flocked to buy Adani Energy, Adani Energy Solutions, NDTV, Adani Wilmar, Adani Power, Adani Total Gas, Adani Green Energy, Adani Ports and.

While announcing its Q3 results of 2023-24, Adani Ports said it registered an increase in cargo volume during the quarter (+44% Y-o-Y) that led to revenue growth of 45% Y-o-Y to Rs 6,920 crore in Q3 FY24. EBITDA jumped 59 per cent Y-o-Y to Rs 4,293 crore, PAT increased by 65 per cent Y-o-Y to Rs 2,208 crore, while Net Debt to EBITDA for TTM Dec’23 was at the guided level of 2.5x vs 3.1x in FY23. S&P Global ratings upgraded the outlook of APSEZ to ‘Stable’ from ‘Negative’.

L&T share price target

L&T shares were trading at Rs 3808.08 at 11:06 am on April 2, 2024. The stock has rallied around 23 per cent in the la;st 6 months and made the investors richer by over 75 per cent in the last one year.

With Citi raising the target price of Larsen and Toubro, the shares of the construction major hit an all-time high on April 2. L&T is a USD 23 billion Indian multinational which is engaged in EPC Projects, Hi-Tech Manufacturing and Services. It has its presence in over 50 countries.

In its Q3 results of 2023-24, Larsen & Toubro Ltd reported 15 per cent rise in consolidated net profit at Rs 2,947 crore for the quarter ended December 31, 2023. The engineering major’s consolidated revenue from operations spiked 19 per cent to Rs 55,128 crore in Q3FY24 as against Rs 46,390 crore in Q3FY23.

(Disclaimer: This article is only meant to provide information. News9live.com does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)

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