Adani Ports share price 2% lower, ₹913-crore equities change hands: What's happening

Adani Ports share price: At 9.48am, shares of Adani Ports and Special Economic Zone were trading at ₹1,349.65 on the NSE.

Adani Ports share price: Shares of Adani Ports fell 2 per cent today (April 8). This comes after a ₹913-crore deal took place on the exchanges. At 9.48am, shares of Adani Ports and Special Economic Zone were trading at ₹1,349.65 on the NSE. The deal is likely to spike volumes in the counter as one crore shares changed hands on the exchanges so far. 

Adani Ports share price: A general view of a container terminal is seen at Mundra Port, one of the ports handled by Adani Ports and Special Economic Zone Ltd.(Reuters)

This is much higher than the one-month daily traded average of 35 lakh shares. Moneycontrol reported that around 67 lakh shares- 0.3 percent equity in Adani Ports- changed hands at an average of ₹1,361 per share. 

Adani Ports monthly updates

This comes after Adani Ports released its monthly updates reporting its highest-ever monthly cargo volume of 38 million metric tonnes (MMT) in March. It also said that the company managed a total cargo handling of 420 MMT in FY24, including international ports and registered a 24 percent year-on-year rise.

Brokerage firms on Adani Ports

Citi revised its target price for the stock putting it at ₹1,758 as against previous ₹1,564. This indicated a potential upside of about 27.8 per cent as the brokerage firm remained optimistic about Adani Ports' upcoming quarterly earnings.

Morgan Stanley also pushed its 'overweight' rating on the stock with a target price of ₹1,576 as it citing volume growth for the past fiscal year surpassing expectations as eight out of ten Adani ports reported double-digit growth.