Adani group stocks to buy now for an upside of more than 20%; Do you hold any? (2024)

The Adani Group, based in Ahmedabad, Gujarat, India, is a diverse conglomerate consisting of 10 publicly traded companies. Led by chairman Gautam Adani, it operates in various sectors including ports, airports, power generation and transmission, and green energy initiatives.

Adani Group is India’s biggest airport operator and also manages India’s largest seaport, Mundra Port, Additionally, the group also owns, the largest coal field, Carmichael coal mine located in Australia. In 2023, the market cap of the Adani Group stood at $166 billion, As of date, Gautam Adani’s net worth has reached $80.9 billion.

Jefferies Group stands as a prominent player in the realm of comprehensive investment banking and capital markets services. Offering a spectrum of offerings including capital markets facilitation, financial advisory services, institutional brokerage, securities research, and asset management, the firm caters to diverse client needs.

Listed below are four adani group stocks for which Jefferies has recommended an upside of 22%.

Adani Enterprises Ltd

Adani Enterprises Ltd., a part of the Adani Group, is involved in various sectors, including coal mining, cargo handling, power generation, and trading in products like textiles, energy, metals, and agricultural products.

Adani Enterprises Ltd. is a parent company of various subsidiaries involved in diverse sectors such as airport operations, edible oils, road and rail infrastructure, data centres, solar manufacturing, defense, aerospace, cement, and more.

Jefferies initiated a ‘buy’ recommendation on Adani Enterprises Ltd with a target price of Rs 3,800 per share, implying an upside potential of up to 11% from Friday’s close price of Rs 3,411.45.

Adani Enterprises shares have gained nearly 40 percent in the last six months and 51% in the last 12 months.

Adani Ports & Special Economic Zone is in the business of development, operations and maintenance of port infrastructure and is also linked to a multi-product Special Economic Zone (SEZ) and related infrastructure contiguous.

Jefferies initiated a ‘buy’ recommendation on Adani Ports & Special Economic Zone Ltd with a target price of Rs 1,640 per share, implying an upside potential of up to 11% from Friday’s close price of Rs 1,437.70.

Adani Ports & Special Economic Zone Ltd shares have gained nearly 80 percent in the last six months and 115% in the last 12 months.

Adani Energy Solutions Ltd

Adani Energy Solutions Ltd is primarily involved in the transmission and distribution of electricity, providing end-to-end energy solutions in India. The company operates a significant network of transmission lines and substations, with a focus on power generation, transmission, and distribution (GTD) business for Mumbai City and Mundra distribution.

Jefferies initiated a ‘buy’ recommendation on Adani Energy Solutions Ltd with a target price of Rs 1,365 per share, implying an upside potential of up to 22% from Friday’s close price of Rs 1,122.80.

Adani Energy Solutions Ltd shares have gained nearly 33 percent in the last six months and 35 % in the last 12 months.

Ambuja Cements Ltd

Ambuja Cements Ltd. is among the leading cement companies in India. It is a member of the Adani Group. Currently, Ambuja Cement has a cement capacity of 31 million tonnes with six integrated cement manufacturing plants and eight cement grinding units across the country.

Jefferies has initiated a ‘buy’ recommendation for Ambuja Cements Ltd, setting a target price of Rs 735 per share. This suggests a potential upside of up to 16% from Friday’s closing price of Rs 634.30.

Ambuja Cements Ltd shares have gained nearly 39 percent in the last six months and 49% in the last 12 months.

Written by Omkar Chitnis

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