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Adani Ports stock rises over 2% after promoters release 3.21 crore pledged shares

BusinessToday.In     March 30, 2021

Adani Ports share rose over 2% today after the firm said its promoters Gautam S Adani and Rajesh Adani on behalf of SB Adani Family Trust have released pledge on 3.21 crore equity shares held in the company. The promoter family trust holds 39.34 per cent in APSEZ.

Share of Adani Ports and SEZ touched an intraday high of Rs 718.25, rising 2.21% against previous close on BSE.

The stock has gained 2.8% in the last 2 days. The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

The share has gained 182% in one year and risen 47% since the beginning of this year.

Market cap of the firm stood at Rs 1.44 lakh crore on BSE.

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The release of pledge was done between February 22 and February 26, 2021. Later, the share closed 1.03% higher at Rs 710 on BSE.

APSEZ is the largest port developer and operator in India with 12 strategically located ports and terminals representing 24 per cent of the country's total port capacity. The 12 ports/terminals include, Mundra, Dahej, Tuna and Hazira in Gujarat; Dhamra in Odisha; Mormugao in Goa, among others.

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