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Shares of Adani Port and Special Economic Zone Ltd gained nearly 2 per cent in morning trade on Wednesday.
Goldman Sachs has upgraded Adani Port to buy from neutral, with a price target of Rs 404/share.
It said India’s port throughput will rise to 2.4 billion tonnes by FY25 from 1 billion tonnes now. Industrialisation on the country’s south east coast, supportive reforms for maritime cargo, the need to transport minerals, and higher containerisation are key drivers, it added.
Goldman expects Adani Port’s market cap to double by FY21. The investment bank has also started coverage on Gujarat Pipavav Port with a neutral rating and a target of Rs 235/share.
At 10.45 am, Adani Port shares were off their morning highs and were quoting at Rs 310.65, up Rs 4.75 or 1.55 per cent.
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