In Gautam Adani Hindenburg issue, Adani group stocks have received heavy beating in recent sessions. Adani Enterprises share price has dipped from ₹3,442 to ₹1,772 apiece levels 13 sessions. Shares of Adani Ports & Special Economic zone has crashed from ₹761 to ₹565 levels, Adani Green Energy share price has nosedived from ₹1917 to ₹688 apiece levels, Adani Power share price has crashed from ₹275 to ₹156 apiece levels. ACC shares have fallen from ₹2,335 to ₹1,800 levels.
Likewise, Ambuja Cements share price has dipped from around ₹500 to ₹340 apiece levels. Even after such heavy beating valuations of Adani groups stocks are quite high and those who believe in bottom finishing might think of holding some of these Adani stocks available at discounted price even after reporting strong Q3 results.
Speaking on outlook of Adani group stocks in the wake of Hindenburg Research report raising concern over debt positioning of Adani group companies, Sandeep Pandey, Director at Basav Capital said, “Even after the recent beating of Adani group stocks, most of the Adani stocks are at higher valuations. But, some of their stocks are less volatile after the announcement of quarterly results for October to December 2022 quarter. Most importantly, some of them have stopped hitting circuit that means both buyers and sellers are available for Adani stocks.”
For such buyers and sellers of Adani stocks, former Deputy Vice President of HDFC Bank Ltd said, “Those who want to buy or hold Adani groups stocks after recent beating, my suggestion to such high risk investors to invest in core of Gautam Adani’s business. Adani Enterprises Ltd is their flagship company and most of the business activities take place through this company of Adani group. So, buying Adani Enterprises shares at current levels may turn out a good bet in coming sessions.”
Sandeep Pandey went on to add that Gautam Adani’s main business was in ports. Recently, the company has taken over ports in Israel, Sri Lanka and they have plans to expand further in sea transport business. In fact, Gautam Adani has developed such a big empire after inception of Adani Ports. So, going back to basics, the group is fully equipped to execute its business plan in this company in comparison to other Adani group companies. However, the Basav Capital director maintained that these are not recommendations but mere comparison among the better placed stocks among all Adani group shares.
Asked about the pivot levels in regard to Adani Enterprises shares, Anuj Gupta, Vice President — Research at IIFL Securities said, “After recent correction Adani Enterprises shares and Adani Ports shares are in consolidation zone. Adani Enterprises share price has immediate hurdle at ₹2,350 apiece levels whereas it has support placed at ₹1,000 levels. In broader sense, Adani Enterprises share price today is trading in ₹1,000 to ₹2,350 apiece range.”
On major levels in regard to Adani Port shares, Anuj Gupta said, “Adani Ports shares have immediate support placed at ₹400 per share levels whereas it is facing hurdle at ₹700 levels. So, Adani Port share price today is in ₹400 to ₹700 range.”