Adani Ports gains after in-principle approval for acquisition of TM Harbour Services

Adani Ports and Special Economic Zone rose 3.08% to Rs 210.85 at 11:36 IST on BSE after the company's announcement that it is considering the acquisition of TM Harbour Services.

Meanwhile, the BSE Sensex was up 201.59 points, or 0.74%, to 27,346.50.

On BSE, so far 1.76 lakh shares were traded in the counter, compared with an average daily volume of 5.98 lakh shares in the past one quarter. The stock hit a high of Rs 211.90 and a low of Rs 205.55 so far during the day. The stock hit a record high of Rs 374.70 on 20 August 2015. The stock hit a 52-week low of Rs 169.65 on 12 February 2016. The stock had underperformed the market over the past 30 days till 1 July 2016, falling 0.2% compared with 1.12% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 15.74% as against Sensex's 7.42% rise.

The large-cap company has an equity capital of Rs 414.19 crore. Face value per share is Rs 2.

TM Harbour Services is engaged solely in providing tug services to The Dhamra Port Company (DPCL), a wholly-owned subsidiary of Adani Ports and Special Economic Zone (APSEZ). Consequent to a successful acquisition by APSEZ, TM Harbour Services will help provide effective and efficient marine services to DPCL. The acquisition is subject to due diligence, final negotiations between the parties and obtaining of requisite regulatory approvals.

Adani Ports and Special Economic Zone (APSEZ)'s consolidated net profit rose 38.3% to Rs 914.06 crore on 12.44% increase in net sales to Rs 1859.66 crore in Q4 March 2016 over Q4 March 2015.

APSEZ, a part of the Adani Group, is India's largest private port operator.

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