 "Adani Ports, APSEZ")
Shares amounting to 0.5 per cent of Adani Ports' overall equity changed hands at an average price of Rs 1,386 per share. While the buyers in this transaction remains unidentified, a strategic investor is likely the seller, according to a report by CNBC-TV18.
As of the end of the March quarter, the promoters of Adani Ports held a substantial 65.89 per cent stake in the company. Mutual funds owned a 3.1 per cent stake, while India's largest insurance company, LIC, held a 7.86 per cent stake.
Additionally, GQG Partners has maintained nearly 4 per cent holding in Adani Ports.
Out of the 21 analysts covering Adani Ports, 19 have given a "buy" rating, while the remaining two have recommended a "hold." Shares of Adani Ports are currently trading 2 per cent lower at Rs 1,413. Despite this dip, the stock has surged 35 per cent so far in 2024 and has recorded a remarkable 96 per cent gain over the last 12 months.
Adani Ports has projected its cargo volumes to range between 460 million tonnes (MT) and 480 MT for the financial year 2025, representing a 23 per cent growth compared to the upper end of the revised guidance of 390 MT for the previous financial year.
Last month, Norway's central bank announced that it was excluding three companies, including Adani Ports and Special Economic Zone, from its government pension fund due to ethical considerations. India's port major had been on the Norges Bank's watchlist for possible exclusion from investment since March 2022, following its involvement in a port terminal in Myanmar. The Norwegian fund’s Council of Ethics acknowledged that the company had disclosed selling its port-related operations in Myanmar to Solar Energy Ltd but said “no information on the buyer is available, and APSEZ has stated that it cannot share any such information on the grounds of confidentiality.”
India's largest private port operator reported a consolidated net profit of Rs 2,039.66 crore, for the quarter ending on March 31 in the financial year 2023-24. This was a 76.2 per cent increase from Rs 1,157.55 crore reported in the year-ago period. The company also reported a 19 per cent jump in consolidated revenue from operations to Rs 6,896.5 crore year-on-year from Rs 5,796.85 crore.
