A CLSA report on Adani Enterprises, after a meeting with group chairman, Gautam Adani, ensured that the conglomerate's market capitalisation touched Rs 2 lakh crore on Monday.
At 2:05 pm, the shares of Adani Enterprises, Adani Ports, Adani Gas, and Adani Power traded nearly 2 percent, 3 percent, 1 percent, and 2 percent higher respectively. Adani Transmission’s share price rallied over 8 percent to hit a 52-week high at Rs 344.70.
The report notes that Adani Ports' market cap has jumped four times in the last three years and is currently at Rs 1.25 lakh crore.
In the meeting with the brokerage, Gautam Adani said, “We aim to double port traffic by FY25, renewable MWs by FY21, and enter the airports, defence, and transportation domains.”
Adani also highlighted how the group has outperformed, especially during the current trying economic times.
“Adani Group has delivered 20 percent market cap CAGR since April 2013 led by strong organic growth, mergers and acquisitions, and business diversification. A weak economy has not deterred the group from building businesses by acquiring concessions, especially at a time when other developers are struggling,” he explained.
The brokerage in its report has said that the group will witness gradual growth going forward.
“All growth will be RoE accretive. 50 percent of the group’s EBITDA came from entities rated AA and above v/s zero during FY13,” the report reasons.
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