IIFL initiates coverage on Adani Power with buy rating, ₹240 target

Brokerage sees 9% upside for the utility as sector momentum builds, adding to bullish sentiment across Adani Group names.

By Handelsavisen Newsroom · Automated 2026-07-07 05:45 UTC · 1 min read

IIFL Capital has initiated coverage on Adani Power, assigning a 'buy' rating and setting a target price of ₹240 per share.

The brokerage sees approximately 9% upside from current levels, citing positive sector momentum and technical strength in the utility's stock.

Adani Power shares dipped slightly in early trade, falling over 1.3% to ₹217 on the National Stock Exchange.

The modest decline occurred despite the fresh bullish note, suggesting traders are digesting the new coverage against broader market conditions.

The initiation adds to growing analyst interest in the Adani Group.

HDFC Securities strategist Vinay Rajani recently highlighted GAIL and Adani Ports as top picks for near-term accumulation, pointing to similar technical drivers.