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Brokerages CLSA and Morgan Stanley initiated coverage on Vedanta Aluminium and Adani Enterprises, respectively. Their price targets imply gains of 16% for Vedanta and 18.5% for Adani.
VEDANTA ALUMINIUM
BROKERAGE: CLSA Price Target: Rs 540 CMP: Rs 464.45 | Upside: 16%
- Aluminium upcycle underpinned by resilient demand from electrification and substitution-led end markets, and constrained supply growth
- Discount in valuation versus peers unwarranted because of its improving cost profile and strong free cash flow yield.
ADANI ENTERPRISES
BROKERAGE: MORGAN STANLEY Price Target: Rs 3,638 CMP: Rs 3069 | Upside: 18.5%
- Company now entering a large earnings monetisation phase, with multiple businesses reaching scale simultaneously
- Earnings drivers for FY27 are Navi Mumbai International Airport, Ganga Expressway, the copper plant, and new energy capex.
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