Adani Enterprises Share Is Just Rs 66 Away From Hitting 52-Week High; Jefferies Set Rs 3,800 TP

Adani Group's flagship company, Adani Enterprises is just couple of rupees away from hitting new 52-week high. On February 14, the top Adani stock gained by 2.4% and traded above Rs 3,200 mark. Notably, there is further potential of double-digit upside in Adani Enterprises share as Jefferies recommend buy for Rs 3,800 target price.

Adani Enterprises is likey to rise by as much as 18.4% in the near term from current price level.

After hitting an intraday high of Rs 3,253.95 apiece, the stock price ended at Rs 3,208.65 apiece, up by 0.94% on BSE. Adani Enterprises is the most valued stock of Adani Group with a market cap of Rs 3,65,786.46 crore.

Currently, the stock is higher by 191% from its 52-week low of Rs 1,103 apiece, while the stock is closing its gap toward 52-week high of Rs 3,275 apiece.

Considering Adani Enterprises strong business prospects, Jefferies initiated coverage on the company, recommending BUY for a target price of Rs 3,800.

The brokerage believes that Adani Enterprises businesses has the potential to emerge as industry leaders. Jefferies expect Adani Enterprises consolidated operating profit to double in the financial year 2025-25, and further grow by 3-folds by fiscal 2027-28, on the backdrop of new businesses of airport and green hydrogen.

Apart from airports, green hydrogen, Jefferies also include Adani Enterprises other new businesses such as Data Center, Roads, and Copper to become industry leaders going forward.

Jefferies is not alone in expecting robust growth trajectory for Adani Enterprises. BP Wealth has added Adani Enterprises in its super seven picks for February 2024 with target price of Rs 3,499. Further, a latest report by American financial services firm, Cantor Fitzgerald believes Adani Enterprises is at the core of everything India wants to accomplish. Cantor has set a target price of Rs 4,368 for 12-months.

While the consensus recommendation from 2 analysts for Adani Enterprises Ltd. is STRONG BUY, as per Trendlyne data. Also, the average target price here is of Rs 4,244 on Adani Enterprises, signalling a 32% upside ahead.

On February 14, Adani Enterprises completed the incorporation process of a wholly owned subsidiary namely "OSPREE
INTERNATIONAL FZCO" in UAE. The new company is for the purpose of investment in commercial enterprises and
management. Necessary RBI approval will be obtained after incorporation of OIFZCO.

Adani Enterprises Limited (AEL) is the flagship company of Adani Group, one of India's largest business organisations. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities.

Having successfully built sizeable and scalable businesses like Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas and Adani Wilmar, the company has contributed to making India self-reliant with its robust businesses.

In Q3FY24, Adani Enterprises reported a PAT of Rs 1,888 crore, rising by a huge 130% from Rs 820 crore in the same quarter a year ago. While total income climbed by 7% YoY to Rs 28,827 crore, and EBITDA zoomed by 89% YoY to Rs 3,717 crore.

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.