 "Adani Ports extends gain post Q3 results")
Adani Ports and Special Economic Zone (APSEZ) is trading higher by 6% to Rs 203 in an otherwise subdued market.
In the past two trading sessions, the stock has rallied 13% from Rs 179 on February 12, after the company reported 25% year on year (YoY) jump in consolidated net profit at Rs 645 crore on back of higher operational income and a fall in finance costs.
Analysts on an average had expected profit of Rs 574 crore.
Revenue for the quarter rose 11% to Rs 1717.86 crore on YoY basis. Other income rose 15% to Rs 178 crore while finance cost fell 24% to Rs 264 crore over the previous year quarter.
Commenting on Q3 results, Karan Adani, Chief Executive Officer of APSEZ, said "We are focusing on improving top line and bottom line of the company by improving operational efficiency through use of technology, better cargo mix and by bringing down net finance cost."
The stock hit a 52-week low of Rs 170 on BSE during intra-day trade on February 12, 2016. The market value of the company nearly halved from its 52-week high of Rs 375 touched in August last year.
The trading volumes on the counter more than doubled with a combined 6.73 million shares changed hands on the BSE and NSE till 01:38 AM. The S&P BSE Sensex was down 0.43% at 23,454.
In the past two trading sessions, the stock has rallied 13% from Rs 179 on February 12, after the company reported 25% year on year (YoY) jump in consolidated net profit at Rs 645 crore on back of higher operational income and a fall in finance costs.
Analysts on an average had expected profit of Rs 574 crore.
Revenue for the quarter rose 11% to Rs 1717.86 crore on YoY basis. Other income rose 15% to Rs 178 crore while finance cost fell 24% to Rs 264 crore over the previous year quarter.
Commenting on Q3 results, Karan Adani, Chief Executive Officer of APSEZ, said "We are focusing on improving top line and bottom line of the company by improving operational efficiency through use of technology, better cargo mix and by bringing down net finance cost."
The stock hit a 52-week low of Rs 170 on BSE during intra-day trade on February 12, 2016. The market value of the company nearly halved from its 52-week high of Rs 375 touched in August last year.
The trading volumes on the counter more than doubled with a combined 6.73 million shares changed hands on the BSE and NSE till 01:38 AM. The S&P BSE Sensex was down 0.43% at 23,454.
