Stock market today: Adani Ports share price has been in uptrend ever since the flagship Adani group company announced completion of the Myanmar port deal for $30 million. Adani Ports and Special Economic Zone informed Indian exchanges on Thursday that has concluded the Myanmar Port sale for a total consideration of $30 million. After that news, Adani Ports share price started to surge northward and that rally has continued in early morning deals on Friday as well.
According to stock market experts, Adani Ports have sold out their Myanmar Port that will enable them to generate fund meant for the bond maturity payments in international market. As the bond payment crisis seems over after this deal, market has gone positive on Adani Ports shares. They said that Adani Ports share price is currently in ₹640 to ₹700 apiece channel and once it breaches this hurdle, the Adani group company’s share price may go up to ₹780 apiece levels in short term.
Reason for rally in Adani Ports shares
On why Adani Ports share price is in uptrend, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Even though Adani Ports have sold out their ambitious Myanmar Port at big loss, the fund generated from this deal is going to supply funds for the payment of international bonds maturing in near term. This has injected fresh blood in the market mood towards Adani Ports shares.”
On what technical chart suggests in regard to Adani Ports shares, Anuj Gupta, Vice President — Research at IIFL Securities said, “Adani Ports share price is looking positive on chart pattern but it is facing resistance at ₹700 levels. Once it breaches this hurdle, the Adani group stock may go up to ₹780 apiece levels in short term.”
The IIFL Securities expert went on to add that Adani Ports shareholders can hold the stock with stop loss at ₹640 for possible upside looking on chart.
Adani Ports news
As per the previous Livemint report, Adani Group’s ports arm APSEZ was forced to take a $120 million hit on its balance sheet as the company, on Thursday, agreed to sell its ambitious Myanmar Port project for barely $30 million to an overseas firm Solar Energy Ltd in the wake of sanctions imposed by the US on Myanmar Economic Corp. Ltd (MEC), a Burmese military-controlled company.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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