Adani Ports gains 1.5% after board declares interim dividend of Rs 3.2

Adani Ports and Special Economic Zone (APSEZ), the leading ports and logistics company, surged over 1.5 per cent on Thursday after the company's Board of Directors declared an Interim Dividend of Rs 3.20 per equity share. 

"The Board of Directors of the Company at its meeting held on March 4, 2020, has declared an Interim Dividend of Rs 3.20 (160 per cent) per equity share of Rs 2 each for the financial year 2019-20," Adani Ports said in its press release. 

Record date for the payment of interim dividend has been fixed on March 17, 2020. The said interim dividend will be remitted on and after Thursday, March 19, 2020 and will be paid within the timelines stipulated under the Companies Act, 2013, the company informed. 

At 09:37 am, the stock was trading at Rs 348.55, up 0.66 per cent. In comparison, the benchmark S&P BSE Sensex was quoting 173 points or 0.45 per cent higher at 38,583 levels.

In the past one month, shares of the company have slipped over 5.5 per cent while benchmark Nifty50 has declined around 7 per cent. The stock hit a 52-week high of Rs 430 on May 23, 2019 and 52-week low of Rs 334.65 on March 6, 2019. 

In Januray, Adani Ports had announced acquisition of 75 per cent stake in Andhra Pradesh-based Krishnapatnam Port Company for an enterprise value of Rs 13,572 crore. The proposed acquisition is the largest by APSEZ so far and would be funded through internal accruals and existing cash balance, the Gautam Adani-led company had said in an exchange filing. READ MORE

The company had posted a 4.3 per cent fall in consolidated profit at Rs 1,356.59 crore for the December 2019 quarter, on the back of higher expenses. The company had posted a consolidated profit of Rs 1,418.96 crore in the year-ago period. However, the firm's consolidated total income during the October-December 2019 period increased to Rs 3,830.43 crore, compared with Rs 3,168.88 crore in the year-ago period.