adani enterprises (JPMorgan) 4Q results strong, but emerging concerns on new borrowings and large overseas capex plans

Mundra Port and coal trading lead to strong numbers; Sharp increase in debt a bit puzzling; Large capex plans could be a potential overhang; ADE has outperformed markets, but we think visible catalysts and clarity on capex needed for stronger performance; We maintain Neutral and PT of Rs665
Date Rating Target Price Recommendation Price Broker house
13 May 2011 neutral 665 627 JPMorgan Report

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