Adani Ports gains after clarification

Adani Ports and Special Economic Zone rose 1% to Rs 151.20 at 12:02 IST on BSE, after the company clarified that operations at Mundra Port were absolutely normal.

The announcement was made after market hours on Wednesday, 15 January 2014.

Meanwhile, the S&P BSE Sensex was down 19.36 points or 0.09% at 21,270.13

On BSE, so far 39,516 shares were traded in the counter as against average daily volume of 3.21 lakh shares in the past one quarter.

The stock hit a high of Rs 152.15 and a low of Rs 149 so far during the day. The stock had hit a 52-week low of Rs 118 on 5 August 2013. The stock had hit a 52-week high of Rs 175 on 20 May 2013.

The stock had underperformed the market over the past one month till 15 January 2014, falling 1.51% compared with the Sensex's 2.77% rise. The scrip also underperformed the market in past one quarter, declining 0.99% as against Sensex's 3.61% rise.

The large-cap company has equity capital of Rs 414.01 crore. Face value per share is Rs 2.

Adani Ports and Special Economic Zone (APSEZ) said that on 13 January 2014, the Hon'ble Gujarat High Court has pronounced an order in a Public Interest Litigation (PIL) against 12 manufacturing units in Mundra SEZ. These units have been directed not to undertake any construction / operational / manufacturing activity till an environmental clearance is granted to Mundra SEZ. The court has directed to Ministry of Environment and Forests (MoEF) to decide on granting on Environment Clearance (EC) to Mundra SEZ within 30 days. APSEZ clarified that the aforesaid order is against 12 units in Mundra SEZ and not against the Port operations of the company.

None of the berths at Mundra Port are affected by the order and the operations at Mundra Port are absolutely normal, APSEZ said in a clarification to media reports indicating that the Gujarat High Court has ordered shutdown of 12 units in the company.

APSEZ'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.

APSEZ 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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