Adani Ports and Special Economic Zone rose 2.59% to Rs 158.50 at 12:12 IST on BSE after ratings agency ICRA upgraded its long term debt rating on the company's unit, Adani Petronet (Dahej) Port.
Meanwhile, the BSE Sensex was down 78.42 points, or 0.38%, to 20,812.40.
On BSE, 2.11 lakh shares were traded in the counter compared with average volume of 2.44 lakh shares in the past one quarter.
The stock hit a high of Rs 160.80 and a low of Rs 154.60 so far during the day. The stock hit a 52-week high of Rs 175 on 20 May 2013. The stock hit a 52-week low of Rs 118 on 5 August 2013.
The stock had outperformed the market over the past one month till 19 November 2013, rising 1.25% compared with the Sensex's marginal rise of 0.04%. The scrip had also outperformed the market in past one quarter, rising 17.31% as against Sensex's 14.11% rise.
The large-cap company has an equity capital of Rs 414.01 crore. Face value per share is Rs 2.
ICRA has upgraded the long-term rating of [ICRA] BBB (pronounced ICRA triple B) to [ICRA] BBB+ (pronounced ICRA triple B plus) for the Rs 800 crore long term bank facility of Adani Petronet (Dahej) Port (APPPL). The rating carries positive outlook.
APPPL is a special purpose joint venture company between the Adani Ports and Special Economic Zone (APSEZL) and Petronet LNG (PLL). It was incorporated on 28 January 2003 for the purpose of financing, development, operation and maintenance of Solid Cargo Port Terminal (SCPT) at Dahej. APSEZL and PLL hold 74% and 26% equity respectively in APPPL as of 31 December 2010.
ICRA said that the rating upgrade takes into account the strong ramp-up of cargo for fiscal year (FY) 2013, with the port handling around 7.5 million tonnes of cargo, significantly higher than the full year cargo of FY 2012 of 2.14 million tonnes. The growth in volume has resulted in a sharp growth in top line, along with healthy profitability levels.
The positive outlook factors in ICRA's expectation that the company's cargo volumes would continue to show healthy growth in the near term notwithstanding weak macroeconomic environment, because of its competitive position. The port continues to benefit from mechanization, leading to high discharge rates in the range of over 40,000 tpd, along with adequate back-up facility.
The rating continues to factor in the favorable characteristics of the port location, which provides proximity to cargo consumption centres in Northern and North-Western India (primarily Gujarat, Madhya Pradesh, Maharashtra & Rajasthan); the deep draft enabling handling of large vessels; and the all-weather conditions. The rating also factors in the strength of the principal promoter APSEZL as well as the presence of a strong entity like PLL (rated [ICRA]AA+(Stable) /A1+ by ICRA) as a 26% equity partner, with adequate board representation, thereby strengthening the governance structure for the company, ICRA said.
Adani Ports and Special Economic Zone's consolidated net profit rose 24.5% to Rs 343.03 crore on 47.1% growth in net sales to Rs 1045.87 crore in Q2 September 2013 over Q2 September 2012.
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. The company plans to handle 200 million tonnes of cargo by 2020.
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