Shares of Adani Ports and Special Economic Zone saw profit-booking in today's session a day after the Adani Group firm was awarded Rs 25,000-crore greenfield deep sea Tajpur port project. The stock had gained 3 per cent intraday in the previous session. In today's trade, the stock fell up to 5.4 per cent to Rs 917.05. The stock has fallen after two days of gain. However, the stock opened higher at Rs 972.55 against the previous close of Rs 969.40 on BSE.
The share trades higher than the 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages. Adani Ports share has gained 25 per cent in one year and risen 29 per cent since the beginning of this year.
Market cap of the firm fell to Rs 1.98 lakh crore on BSE. Total 5.39 lakh shares of the firm changed hands amounting to a turnover of Rs 50.80 crore on BSE. Later, the stock closed 3.80 per cent lower at Rs 932.55.
ALSO READ: Gautam Adani beats Mukesh Ambani to secure the top spot in Hurun’s Richest Indian List
The stock hit a 52 week high of Rs 987.90 on September 20, 2022 and a 52 week low of Rs 652.05 on February 24, 2022. In the previous session, the stock zoomed nearly 3 per cent to hit a fresh high as reports said that it has been awarded a greenfield deep sea project by the West Bengal government.
The port is planned to be developed on a straight beachfront and will be located very close to the mineral-rich belts of West Bengal, Jharkhand and Odisha. The identified site is located 180 km from Kolkata and 10 km from Digha.
Brokerage firm ICICI Direct termed the development to be positive for the port and port services company.
ALSO READ: Adani, Tata, Mahindra, Hero rake in close to $4 billion for their renewables businesses
"The state is also offering 1000 acres of land with a concession of 99 years against the usual 30-35 years. The project will also be linked to the industrial and economic corridor from Dunkuni to Raghunathpur", said the brokerage.
ICICI Direct has given a buy call on Adani Ports & Special Economic Zone with a target price of Rs 1,150. The time period for the call is one year.
Meanwhile, Adani Ports and Special Economic Zones Ltd reported a 16.1 per cent fall in consolidated net profit at Rs 1,072 crore in Q1. The multi-port operator had reported a net profit of Rs 1,278 crore in the year-ago period.
Revenue from operations fell marginally to Rs 4,737 crore compared to Rs 4,672 crore in the corresponding quarter of the last fiscal. On a sequential basis, the company's profit rose 5 per cent from Rs 1,024 crore in the preceding quarter (Q4FY22).
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today