Adani Ports To Declare March Quarter Earnings; Stock Edges Higher

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Shares of Adani Ports were last trading 1.14 per cent higher at Rs 769.95 on the BSE.

Share price of Adani Ports and Special Economic Zones or APSEZ – part of the Adani Group multinational conglomerate, gained around two per cent on Tuesday, May 4, ahead of declaring its January-March quarter results for the financial year 2020-21. On Tuesday, May 4, Adani Ports opened on the BSE at Rs 780.50, witnessing an intra day high of Rs 781.85, and an intra low of Rs 760, in the trading session so far. In the third quarter of the fiscal 2020-21, Adani Ports reported a net profit of 16 per cent to Rs 1,577 crore on a consolidated basis, tracking a 37 per cent growth in cargo volume.

According to a regulatory filing by the ports-to-energy conglomerate to the BSE today, Adani Ports handled a cargo volume of 24.46 million metro tonnes or MMT in April this year. This resulted in the company registering a growth of 86 per cent on a year-on-year basis. Meanwhile, in the container segment, Adani Ports handled a volume of 0.69 million twenty-foot equivalent units in April this year, witnessing a 98 per cent growth on a year-on-year basis.

On the NSE, Adani Ports opened at Rs 779.85, registering an intra day high of Rs 782, and an intra low of Rs 760.05, in the session so far. It was last trading 0.94 per cent higher at Rs 768.55 on the NSE.

It was recently reported that the government’s competition regulatory body – the Competition Commission of India or CCI, had approved the acquisition of 89.6 per cent equity shareholding in the Gangavaram Port Limited located in Andhra Pradesh, by Adani Ports and Special Economic Zones.

Shares of Adani Ports were last trading 1.14 per cent higher at Rs 769.95 on the BSE. 



Source link NDTV.com

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