Adani Ports adds over 30% in one month

Adani Ports and Special Economic Zone rose 2.29% to Rs 477.70, extending gains for second day in a row.

The stock has added 2.46% in two sessions from its recent closing low of Rs 466.25 recorded on 11 December 2020.

In the past one month, the stock has added 30.32% while the benchmark S&P BSE Sensex gained 5.83% during the same period.

Adani Ports and Special Economic Zone said that Adani International Container Terminal (AICTPL), a 50:50 joint venture of the company and Terminal Investment Holding S.A., priced an offering of $300 million, 3% senior secured notes due 2031. The notes will be issued to institutional investors permitted to invest in the notes under applicable laws.

APSEZ said that the notes are expected to be rated "Baa3" by Moody's Investors Service Inc., "BBB-" Standard & Poor's Ratings Services and "BBB-" by Fitch Ratings Inc.

AICTPL intends to use the proceeds from the offering, upon receipt of requisite approvals, to repay all of its existing senior indebtedness and to repay a portion of the subordinated shareholder loans availed by it.

APSEZ, a part of globally diversified Adani Group, is the largest port developer and operator in India. APSEZ accounts for nearly one-fourth of the cargo movement in the country. It is present across 10 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.

The company reported 31.6% rise in consolidated net profit to Rs 1,387 crore on 2.9% increase in revenue from operations to Rs 2,902.52 crore in Q2 September 2020 over Q2 September 2019.

Powered by Capital Market - Live News