Shares of all Adani Group firms experienced a notable surge, reaching up to nearly 6% in the morning trade on January 29. The boost in stock prices, led by flagship Adani Enterprises, was attributed to various factors, including discussions of potential fund raising.
Adani Enterprises witnessed a surge of over 5%, reaching an intraday high of Rs 3,050 on the National Stock Exchange. The positive momentum was further fueled by Cantor Fitzgerald initiating coverage on the stock with an “overweight” call.
The international brokerage firm emphasized Adani Enterprises as a crucial player in fulfilling India’s economic growth aspirations. According to Cantor Fitzgerald, the company is at the forefront of meeting the country’s essential needs, making it a unique long-term investment opportunity. The brokerage firm expressed confidence in the risk/reward profile at current levels and set a target price of Rs 4,368 for Adani Enterprises.
