Adani Ports shares hit new life time high

Adani ports and Special Economic Zone (APSEZ) shares hit a new all time high of Rs 372.95 on BSE on Tuesday, after the company said that it has signed a Concession Agreement for development and operation/maintenance of Vizhinjam International Deepwater Multipurpose Seaport project.

adani ports
Group companies Adani Power and Adani Enterprises have a substantial capex outlay for the foreseeable future—up to $10 bn. With no immediate clarity on the ways and means for funding this, these plans could remain an overhang for ADSEZ. However, clarity on the same and no liability on ADSEZ could be an upside risk.

Adani ports and Special Economic Zone (APSEZ) shares hit a new all time high of Rs 372.95 on BSE on Tuesday, after the company said that it has signed a Concession Agreement for development and operation/maintenance of Vizhinjam International Deepwater Multipurpose Seaport project.

At 12.36 pm, the share price of the company was trading 1.59 per cent higher at Rs 364.70. It opened at Rs 361.70 and touched a high and low of Rs 372.95 and 361.70, in trade so far. Meanwhile, the BSE Sensex declined 66.22 points, or 0.44 per cent, to 27,812.

The scrip closed 1.49 per cent higher at Rs 363.65. On BSE, around 2.95 lakh shares were traded in the counter, compared with an average volume of 4.66 lakh shares in the past two weeks.

The stock hit a 52-week low of Rs 244 on October 17 last year.

APSEZ after market hours on August 17, clarified that the company has signed a Concession Agreement for development and operation/maintenance of Vizhinjam International Deepwater Multipurpose Seaport project on public private partnership mode with the Fisheries & Ports (E) Department of the Kerala state government. The project will be undertaken on design-build-finance-operate-transfer (DBFOT) basis. Earlier, APSEZ had on July 15 announced that it had received Letter of Award for the project from the Fisheries & Ports (E) Department of the Kerala state government.

For the quarter ended June 2015, the company reported a consolidated net profit of Rs 631.76 crore, up 9.48 per cent, against Rs 577.03 crore in the corresponding quarter a year ago.

APSEZ, a part of India’s leading infrastructure conglomerate the Adani Group, is India’s largest multi-port operator.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express Telegram Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.