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Adani Ports shares zoom 5% intraday in weak market; here’s why

Adani Ports shares zoom 5% intraday in weak market; here’s why

Adani Ports share price today: Adani Ports stock was the top gainer on Nifty ending 3.99 per cent higher on the 50-stock index

Adani Ports shares stood higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages Adani Ports shares stood higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Shares of Adani Ports and Special Economic Zone closed nearly 4 per cent higher in a weak market today amid reports that the Adani Group would become the first Indian port operator in Sri Lanka with construction of the Colombo Port's Western Container Terminal set to begin Wednesday. The Adani Ports stock was the top gainer on Nifty ending 3.99 per cent higher on the 50-stock index. The stock gained 5.6 per cent intraday to Rs 900.75 on BSE. Later, it closed 3.93 percent or Rs 33.50 higher on BSE. Adani Ports shares stood higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. 

The large cap stock opened higher at Rs 857 against the previous close of Rs 853 on BSE. Market cap of Adani Ports rose to Rs 1.87 lakh crore on BSE. Total 10.78 lakh shares of the firm changed hands amounting to a turnover of Rs 95.58 crore on BSE.

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. The Adani Group will have a majority stake in the West Container International Terminal Joint Venture (JV), which is valued at $700 million. The build-operate-transfer (BOT) agreement which will remain valid for 35 years, is considered the ‘largest’ foreign investment ever in Sri Lanka's port history.  

On November 2, Adani Ports logged a strong set of quarterly earnings on a YoY basis. Consolidated net profit in Q2 rose 68.5 percent YoY to Rs 1,677.48 crore. Consolidated revenue from operations climbed 32.8 per cent to Rs 5,210.80 crore due to healthy cargo volume growth. Revenue from Port and SEZ activities rose to Rs 4,609.29 crore in the September quarter from Rs 3,530.68 crore in Q2 of last year. 

Meanwhile, Sensex fell 152 points or 0.25 per cent to close at 61,034 and Nifty fell 46 points or 0.25 per cent to end at 18,157.

Also Read: Tata Motors shares trading flat ahead of Q2 earnings; here’s what to expect

Published on: Nov 09, 2022, 4:20 PM IST
Posted by: Priya Raghuvanshi, Nov 09, 2022, 4:17 PM IST