Adani Power shares jump nearly 3% after Jefferies initiates ‘Buy' rating with Rs 690 target
Adani Power shares moved up nearly 3% in early trade on Tuesday after Jefferies initiated coverage on the stock with a 'Buy' rating and a target price of ₹690. The brokerage highlighted the company's ongoing capacity expansion, backed by a stable balance sheet. As of 9:34 AM, the shares were trading 0.62% higher at Rs 600.85.
Jefferies noted that the risk profile of the company is gradually improving as more of its upcoming capacity is being tied to profitable power purchase agreements (PPAs). It also pointed to timely progress in project execution, supported by coordination with BHEL for equipment delivery and in-house management of capital expenditure.
The report also mentioned that recent payments from Bangladesh help address concerns around receivables from overseas operations.
During the session, the stock opened at ₹603.50, touched a high of ₹615.00 and a low of ₹599.30. Over the past year, it has traded between ₹432.00 and ₹752.90.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
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Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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