Adani Port recovers 26% from recent lows ahead of Q3 results

The stock, which had been struggling with intense selling pressure and had declined by more than 50% in the past two weeks, received a boost from two brokerage firms that upgraded their ratings.

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Shares of Adani Ports and Special Economic Zone Ltd, one of the cheapest stocks in the Adani Group, recovered as much as 26% from its lows despite its other group firms slumping amid allegations made by the American short-seller Hindenburg Research.

The stock price has surged 26% from its recent low despite a downgrade by S&P Global Ratings to negative from stable. However, Moody’s and Fitch Ratings maintained their credit assessments. Moody’s noted that the recent developments could hinder the company’s ability to secure funding, while Fitch stated that there is no immediate impact on the ratings and no expected changes to their cash flow forecast following the recent allegations of malpractice.

The stock, which had been struggling with intense selling pressure and had declined by more than 50% in the past two weeks, received a boost from two brokerage firms that upgraded their ratings. Recent developments, such as the release of pledged shares and positive statements by the company and some lenders to quell the turbulence in Adani Group firms, also helped to boost investor confidence, market sources said.

In a report on January 31, Credit Suisse upgraded the stock to “outperform” from “neutral”, citing attractive valuations and a robust outlook for earnings growth. The report stated that this growth is expected to come from a 9% cargo compound annual growth rate, 14% revenue and EBITDA compound annual growth rate, and over 20% earnings compound annual growth rate, driven by lower growth in depreciation and interest costs.