Adani Ports share price gains in morning trade, slips into red
image for illustrative purpose
Adani Ports share price gained a percent in the morning session on June 15. However, the stock came under pressure and slipped into the red down half a percent.
Adani Group stocks have been on the radar after reports made rounds about NSDL freezing 3 FPI accounts of Adani companies. As a result, Adani group stocks yesterday fell 5-20 percent.
However, the accounts of three foreign funds that are big stakeholders of Adani group companies are not frozen, a top official of the National Securities Depository Ltd (NSDL) informed the port-to-energy conglomerate.
With Adani stocks in the news, global research firm Citi has maintained a buy rating on the stock with a target of Rs 1,000 per share. It is of the view that the negative news flow around Group companies is a sentiment negative adding that it is unlikely to have any impact on companies business prospects.
Citi believes that Adani Ports is well-positioned to grow its already high market share. "The current valuation is attractive," it added.
