Adani Power shares soar 9% on Morgan Stanley's bullish rating
Adani Power shares shot up nearly 9% to ₹687 on Friday, thanks to a bullish "overweight" rating from Morgan Stanley with a target price of ₹818.
The boost comes as Adani Group stocks rallied across the board after SEBI cleared the Adani Group and several of its companies and executives of major allegations.
Morgan Stanley sees massive growth potential in Adani Power
Morgan Stanley is betting big on Adani Power, calling it India's top private coal power producer.
They expect its capacity to more than double by FY32 and EBITDA to triple by FY33, helped by new projects and massive investments.
This optimism follows SEBI's order on September 18, 2024 (reported September 19, 2024), which eased investor worries that had weighed down the group for months.
Revenue growth forecasted for Adani Power
A clean chit from SEBI sparked confidence not just in Adani Power but across all Adani Group stocks—some soared up to 19% in a single day.
Plus, Morgan Stanley forecasts strong revenue growth for Adani Power: from ₹55,015 crore in FY26 to ₹70,057 crore by FY28, with healthy profits expected along the way.