Adani Ports & Special Economic Zone rose 2.53% to Rs 327.70 at 13:31 IST on BSE after the company said it has received the letter of award from the Kerala government to develop a deepwater seaport at Vizhinjam.
The announcement was made after market hours yesterday, 15 July 2015.
Meanwhile, the BSE Sensex was up 159.83 points, or 0.57%, to 28,358.12.
On BSE, so far 1.52 lakh shares were traded in the counter, compared with an average volume of 2.58 lakh shares in the past one quarter.
The stock hit a high of Rs 328.50 and a low of Rs 322.95 so far during the day. The stock hit a record high of Rs 357.95 on 28 February 2015. The stock hit a 52-week low of Rs 244 on 17 October 2014.
The stock had underperformed the market over the past one month till 15 July 2015, rising 3.01% compared with 6.06% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 1.77% as against Sensex's 2.09% fall.
The large-cap company has an equity capital of Rs 414.19 crore. Face value per share is Rs 2.
Adani Ports & Special Economic Zone (APSEZ), India's largest port developer and part of Adani Group, a global integrated player, has received "Letter of Award" for development of the Vizhinjam International Deepwater Seaport Project from Government of Kerala (GoK).
The total estimated project cost of the port is Rs 4,089 crore. It is proposed to be set up in four years. The proposed port is located 16 kilometers south of the state capital, Thiruvananthapuram. The site is on an international shipping route connecting Europe, Persian Gulf and the Far East.
At present approximately 1 million twenty-foot equivalent units (TEUs) of Indian cargo is getting transshipped through foreign ports like Colombo. Development of Vizhinjam port will help in cost saving to Indian trade as the boxes can be transshipped at a lower cost from Vizhinjam port.
Adani Ports & Special Economic Zone's consolidated net profit rose 24.71% to Rs 660.73 crore on 54.56% rise in net sales to Rs 1668.25 crore in Q4 March 2015 over Q4 March 2014.
Adani Ports & Special Economic Zone, a part of India's leading infrastructure conglomerate the Adani Group, is India's largest multi-port operator.
Powered by Capital Market - Live News
