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Karaikal Port Acquisition Can Help Improve Adani Ports' Profitability, Says Morgan Stanley
Adani Ports and Special Economic Zone Ltd.’s acquisition of Puducherry-based Karaikal Port Pvt. can become a value-adding deal with an improvement in the port's profitability over the next two years, according to Morgan Stanley. The port’s revenue declined to Rs 2,473 crore in FY22 from Rs 3,222 crore in FY21 and Rs 4,141 crore in FY20. The Adani Group company plans to invest Rs 850 crore to upgrade infrastructure to double its capacity over the next five years and add a container terminal to make it a multi-purpose port, Karan Adani, chief executive officer of Adani Ports, said in a statement on Saturday. Morgan Stanley is ‘overweight’ on Adani Ports with a target price of Rs 697. Source -https://www.bqprime.com/business/karaikal-port-acquisition-can-help-improve-adani-ports-profitability-says-morgan-stanley
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