Adani Energy shares jumped more than 3% in morning trade after ICICI Securities, a brokerage firm, initiated coverage on the company and gave it a ‘Buy’ rating. The target price of ₹1,318 indicates a possible 31% rise over Monday’s closing price of ₹1,009.65 on the BSE.
In its report, ICICI Securities stated, “We recommend BUY on the stock while valuing the businesses on SoTP-basis with target price of ₹1,318 per share.”
According to the brokerage’s report, the company began by creating assets for cost-plus transmission. The company established four transmission assets with a regulated equity of ₹33 billion and a cost of ₹110 billion. It entered the distribution industry after acquiring Mumbai DISCOM.
As of 10:53 am, Adani Energy shares were trading 3.09% higher at Rs 1,040.85 on the NSE.
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