2 Adani Group stocks to buy as Jefferies remains bullish post Q3 results
Live MintAfter their respective earnings for the third quarter ended December 2022, global brokerage Jefferies has recommended Buy ratings on two Adani Group stocks - Adani Ports and Special Economic Zone and Ambuja Cements. Jefferies on Ambuja Cements "Ambuja Cements management on results call indicated: around ₹100 bn capex over 18 mths on major efficiency initiatives/Cap upgrades; reiterated stance to double cap in 5 yrs, though near term targets missing; capitalizing on group adjacencies; ACEM-ACC merger not on table for now. While ACEM's volume growth could outpace industry in medium term, low visibility for near term and weak industry pricing drive 12-14% cut in EBITDA; but we maintain BUY with revised target price of ₹490." The Adani Group has been diversifying its business interests and last year bought cement firms ACC and Ambuja Cements from Switzerland's Holcim for $10.5 billion.