The shares of this largest private port operator gained up to 3 percent after the company’s board approved fundraising up to Rs 5,000 crore through non-convertible debentures (NCDs) in multiple installments.
With a market capitalization of Rs 2.42 lakh crore, the shares of Adani Ports & Special Economic Zone Ltd closed at Rs 1,123.35 per share, increased around 2.73 percent as compared to the previous closing price of Rs 1093.50 apiece.
According to the company filing, Adani Ports & Special Economic Zone Ltd’s board of directors approved fundraising up to Rs 5,000 crore through non-convertible debentures (NCDs) in multiple installments.
Furthermore, Gautam S Adani steps down as Managing Director to become Executive Chairman and Karan Adani steps up from CEO to Managing Director.
Additionally, HSBC, one of the well-known international brokerages, gave a ‘Buy’ call on the stock with a target price of Rs 1,250, indicating a potential upside of 11 percent from Thursday day’s closing price of Rs 1,123 per share.
Adani Ports & Special Economic Zone Ltd’s revenue climbed by 27 percent from Rs 5,211 Crore in Q2FY23 to Rs 6,646 Crore in Q2FY24, according to corporate financials. Net earnings grew 1.3 percent within the same time, from Rs 1,738 crore to Rs 1,762 crore.
APSEZ handled 311 MMT of cargo during 9M FY24, a 23 percent YoY increase, with 10 ports in the company’s portfolio delivering the highest-ever cargo volumes and setting new operating milestones.
Adani ports are now aiming for more than 400 million tons of cargo in FY24, above the upper end of the guideline range provided at the start of the current fiscal year (370-390 million tons).
Adani Ports & Special Economic Zone builds, operates, and maintains port facilities in Mundra, as well as a multi-product Special Economic Zone (SEZ) and supporting infrastructure.
Written by:- Abhishek Singh
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