Adani Ports Shares Gain As Board Mulls Debt Buyback
The board of the ports operator will meet on April 22 "to consider first and a partial buyback of certain of its debt securities".
Shares of Adani Ports and Special Economic Zone Ltd. rose the most in over three weeks as the company is planning a partial buyback of certain debt securities.
The board of the ports operator will meet on April 22 "to consider first and a partial buyback of certain of its debt securities" during the current financial year, the company said in a filing on Wednesday.
The securities, denominated either in Indian rupees or U.S. dollar, will be part of the buyback.
Shares of Adani Ports rose 1.54% to Rs 668.55 apiece, compared to the 0.01% advance in the benchmark NSE Nifty 50 as of 11:25 a.m.
The stock rose as much as 3.05% intraday, the most since March 29, 2023. The relative strength index was at 57.
Out of the 20 analysts tracking the company, four maintain a 'buy' rating, two recommend a 'hold' and one suggests a 'sell' on the stock, according to Bloomberg data.
The average 12-month consensus price target implies a potential upside of 21%.
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