Adani Ports and Special Economic Zone rose 2.08% to Rs 122.45 at 13:36 IST on BSE after consolidated net profit rose 8.29% to Rs 276.26 crore on 74.29% rise in total income to Rs 1033.44 crore in Q1 June 2012 over Q1 June 2011.
The result was announced during market hours today, 1 August 2012.
Meanwhile, the BSE Sensex was up 11.50 points, or 0.07%, to 17,247.68
On BSE, 5.66 lakh shares were traded in the counter as against an average daily volume of 1.12 lakh shares in the past one quarter.
The stock hit a high of Rs 125.50 and a low of Rs 118.35 so far during the day. The stock had hit a 52-week low of Rs 109.80 on 21 May 2012. The stock had hit a 52-week high of Rs 169.75 on 28 October 2011.
The stock had outperformed the market over the past one month till 31 July 2012, falling 1.03% compared with the Sensex's 1.11% fall. The scrip, however, underperformed the market in past one quarter, falling 5.88% as against Sensex's 0.48% decline.
The large-cap private port and special economic zone has an equity capital of Rs 400.68 crore. Face value per share is Rs 2.
Adani Ports and Special Economic Zone said that income from operations included income from lease of special economic zone land Rs 204.85 crore, Rs 48.76 crore, Rs 5.85 crore, Rs 116.87 crore during the current quarter, previous quarter ended 31 March 2012, corresponding quarter ended 30 June 2011 and year ended 31 March 2012 respectively.
The company added that provision for current tax has been made after considering. company's eligibility to avail benefit under section 80IAB of the Income Tax Act, 1961. Tax provisions have been made as per Minimum Alternative Tax (MAT) as per provisions of section 115JB of the Income Tax Act. 1961. The Company has also considered MAT credit of Rs 84.62 crore, Rs 72.58 crore, Rs 52.82 crore, Rs 242.17 crore during the current quarter, previous quarter ended 31 March 2012, corresponding quarter ended 30 June 2011 and year ended 31 March 2012 respectively. Tax expense also includes deferred tax charge, the company further informed.
Adani Ports and Special Economic Zone is engaged in business of developing, operating and maintaining the port and port related infrastructure facilities including multi-product special economic zone
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