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Gladiator Stocks - Gujarat Pipavav Port - ICICI Direct

Posted On: 2021-10-12 21:21:10 (Time Zone: IST)


Technical View

The logistic space is witnessing fresh up move after recent breather. The share price of Gujarat Pipavav Port has underperformed within the logistic space and is expect to witness catch up activity

The stock is seen resuming up move after a higher base at the major support around Rs. 100 levels being the confluence of rising 20 weeks EMA (currently at Rs. 100 levels) and the rising demand line joining lows since July 2020 signalling strength and offers fresh entry opportunity with a favourable risk reward set up

It has already taken 18 weeks to retrace just 80% of its previous seven weeks up move (Rs. 92-124). A shallow retracement signals a higher base formation and positive price structure

Fundamental View

Gujarat Pipavav (GPPL) is a South-West Gujarat based port with an MNC promoter (APM Terminals - Maersk Group). It lies at a strategic international maritime location, which connects India with the Far East on the one side and Middle East, Africa, Europe and US on the other. GPPL has a container capacity is at 1.35 million TeUs, bulk capacity at 4-5 million MT and liquid capacity at 2 million MT. Container segment comprises ~70% of revenues

Gujarat Pipavav is expected to be the key beneficiary of operationalisation of the Dedicated Freight Corridor (DFC). GPPL expects a head start in access to Dedicated Freight Corridor (DFC) from ports like JNPT and Hazira which would provide a thrust to its volume growth. Multiple lines of connectivity from the Pipavav port to DFC and Pipavav's already high rail coefficient, provide a strong case to garner new clients and also shift existing clients from road to rail

Driven by expected improvement in business dynamics, we expect revenue CAGR of 13% over FY21-FY23E and 90 bps margin enhancement to 58.5% enabling 380 bps improvement in RoCE to 16.2% in FY23

For details, click on the link below: Link to the report

Shares of Gujarat Pipavav Port Limited was last trading in BSE at Rs. 112.35 as compared to the previous close of Rs. 111.60. The total number of shares traded during the day was 103953 in over 2180 trades.

The stock hit an intraday high of Rs. 114.45 and intraday low of 111.20. The net turnover during the day was Rs. 11738715.00.


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