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Ventura Securities has initiated coverage of all five listed business units of the Adani Group with a buy rating, in a first such exercise by a brokerage firm concerning the Ahmedabad-based diversified conglomerate.
The listed business units are Adani Enterprises, Adani Ports and Special Economic Zone, Adani Transmission, Adani Green Energy and Adani Total Gas.
The target price for each of the business units (AEL at ₹1,889 an upside of 10 per cent, ATGL at ₹2,012 an upside of 26 per cent, AGEL at ₹2,810 an upside of 104 per cent, APSEZ at ₹1,645 an upside of 121 per cent and ATL at ₹2,792 an upside of 47 per cent) represents quality assets embedded with high growth, Ventura Securities said in a December 9 research note.
“AEL being the start-up incubator to new edge business, APSEZ being the market leader with a continuous gain of market share, AGEL being the largest renewable company with 4x locked-in growth, ATL being the largest private T&D business with capacity to expand fast and capture the growth, ATGL growing up to become the largest CGD business augurs well for a clean gas-based economy”, Ventura Securities said while recommending the buy rating on the stock.
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