Adani Ports gains after RBI hikes FII investment limit

Adani Ports and Special Economic Zone rose 1.49% to Rs 316.25 at 9:38 IST on BSE after the central bank allowed foreign investors to buy up to 40% stake in the company.

Meanwhile, the BSE Sensex was down 167.13 points, or 0.60%, to 27,681.86.

On BSE, so far 1.62 lakh shares were traded in the counter, compared with an average volume of 2.44 lakh shares in the past one quarter.

The stock hit a high of Rs 320.80 and a low of Rs 312.90 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 220 on 16 June 2014.

The stock had underperformed the market over the past one month till 1 June 2015, falling 1.89% compared with 3.10% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 5.72% as against Sensex's 5.15% fall.

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

The Reserve Bank of India after trading hours yesterday, 1 June 2015, notified increase in the ceiling on investment in the company's shares by foreign institutional investors (FIIs)/Registered Foreign Portfolio Investors (RFPIs) under the portfolio investment scheme to 40% of the paid up capital of the company. Total holding of FIIs in Adani Ports and Special Economic Zone stood at 15.52% as on 31 March 2015.

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