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Adani Transmission climbs 4.87% as broker initiates coverage

Shares of Adani Transmission fell 7.35% in three trading sessions to settle at Rs 127.35

Capital Market 

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Transmission rose 4.87% to Rs 133.55 at 13:50 IST on on bargain hunting after a domestic reportedly initiated coverage on the stock with a 'buy' rating.

Meanwhile, the S&P Sensex was down 16.56 points, or 0.05% to 31,610.07.

On the BSE, 1.05 lakh shares were traded in the counter so far, compared with the average daily volume of 1.52 lakh shares in the past one-quarter. The stock had hit a high of Rs 135.15 and a low of Rs 129.90 so far during the day.

According to reports, a domestic has initiated coverage on shares of Transmission with a 'buy' rating and net present value (NPV)-based target price of Rs 154, citing likely strong growth ahead. The expects Transmission to generate robust free cash flow, though it does anticipate high growth and (merger and acquisition) appetite.

Shares of Transmission fell 7.35% in three trading sessions to settle at Rs 127.35 yesterday, 25 September 2017, from its close of Rs 137.45 on 20 September 2017.

On a consolidated basis, net profit of Transmission declined 31.46% to Rs 84.10 crore on 3.59% decline in net sales to Rs 609.32 crore in Q1 June 2017 over Q1 June 2016.

Transmission is into business and is a part of business conglomerate Group.

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First Published: Tue, September 26 2017. 17:47 IST