10 April 2024 – Adani Total Gas, a key player in the Adani conglomerate, experienced a 6% decrease in its shares during the March quarter. However, foreign portfolio investors (FPIs) remained relatively unchanged in their holdings, indicating continued confidence in the company despite market fluctuations. Mutual fund holdings remained minimal in comparison.
Data sourced from AceEquity revealed that FPIs maintained a stake of 13.13% in Adani Total Gas, a marginal increase from the previous quarter’s 13.06%. In contrast, mutual fund holdings stood at a mere 0.09%, down from 0.12% in the preceding quarter.
Despite the decline in share value during Q4, Adani Total Gas has managed to reduce losses and currently stands at a 3.89% decrease for the year 2024. This performance contrasts with the 25% surge observed in the BSE Sensex during the same period.
In light of these developments, Ventura Securities expressed optimism regarding Adani Total Gas’ growth trajectory, reinstating a ‘Buy’ rating on the stock. They revised the price target to Rs 1,340 from Rs 3,475, citing expectations of robust revenue, EBITDA, and profit growth between FY23 to FY26. Additionally, Ventura anticipates an expansion in EBITDA and profit margins, along with improved return ratios such as ROE and ROIC.
