Adani Ports stock hits fresh 52-week high on reduction in loan book

The Adani Ports stock rose in early morning trade after the firm said it has received back the entire outstanding loans, advances and deposits given to related parties as of March 31, 2017.

At 1307 hours, the stock was trading 3.36 percent or 11.50 points higher at Rs 353.35 on the BSE.

During the rally, it also hit a new 52-week high of Rs 358.45 level during intra-day trade. It closed at Rs 357.25 or 4.50 percent higher in today's trade.

The stock closed at Rs 341 level in Monday's trade.  

Adani Ports and Special Economic Zone said Rs 3,500 crore worth outstanding amount has been received back from related parties in terms of loans, advances and deposits.

The stock has logged 32.33 percent or 86 points rise on an year-to-date basis.

The Ahmedabad-based firm is engaged in the business of developing port infrastructure.

The firm also provides logistics and infrastructure that moves goods from the port to customers.

Its port services include marine, handling intra-port transport, storage, other value-added and evacuation services for a range of customers, primarily terminal operators, shipping lines and agents, exporters, importers and other port users.