Adani Ports spurts on blockbuster Q4 outcome

The result was announced after market hours on Wednesday, 15 May 2013.

Meanwhile, the S&P BSE Sensex was up 75.67 points or 0.37% at 20,288.63.

On BSE, 3.16 lakh shares were traded in the counter as against average daily volume of 2.03 lakh shares in the past one quarter.

The stock hit a high of Rs 161.20 and a low of Rs 154.20 so far during the day. The stock had hit a 52-week low of Rs 105.15 on 24 August 2012. The stock had hit a 52-week high of Rs 162.40 on 6 February 2013.

The stock had underperformed the market over the past one month till 15 May 2013, gaining 4.86% compared with the Sensex's 10.11% rise. The scrip had also underperformed the market in past one quarter, rising 1.6% as against Sensex's 3.83% gain.

The large-cap company has equity capital of Rs 400.68 crore. Face value per share is Rs 2.

Adani Ports and Special Economic Zone (APSEZ)'s consolidated net profit rose 47.29% to Rs 1623.22 crore on 39.74% growth in total income to Rs 3841.07 crore in the year ended 31 March 2013 over the year ended 31 March 2012.

APSEZ's board of directors at its meeting held on 15 May 2013 has recommended final dividend of Re 1 per share.

APSEZ said board of directors at its meeting held on 15 May 2013, has approved initiation and recorded the divestment of its entire holding equity holding in Adani Abbot Point Terminal Holdings Pty (AAPTHPL) and entire redeemable preference shares holding in Mundra Port Pty (MPPL) representing Australia Abbot Point operations to promoter company, Abbot Point Port Holdings Pte, Singapore for consideration of AUD 235.71 million. APSEZ had entered into share purchase agreement ('SPA') on 30 March 2013 to sell its holdings in AAPTHPL and MPPL. In terms of the SPA, the conditionality as regards regulatory and lenders approvals was obtained subsequent to balance sheet date except in respect of approval from one of the lenders who have given specific line of credit.

APSEZ, based on the legal counsel opinion, concluded that on the date of signing of SPA, AAPTHPL and MPPL cease to be subsidiaries of the company with effect from 31 March 2013.

APSEZ is engaged in business of developing, operating and maintaining the port and port related infrastructure facilities including multi-product special economic zone.

Powered by Capital Market - Live News