APSEZ slumps on worries of equity dilution

Adani Ports and Special Economic Zone lost 5.72% to Rs 222.40 at 09:21 IST on BSE on equity dilution worries after the company's board sought shareholders' approval to raise funds by issue of equity shares/convertible bonds for up to Rs 10000 crore.

The board has also decided to seek shareholders' approval to issue secured/unsecured redeemable non-convertible debentures on private placement basis within the overall borrowing limits of the company.

Meanwhile, the S&P BSE Sensex was down 94.59 points or 0.37% at 25,135.11

On BSE, so far 3.64 lakh shares were traded in the counter as against average daily volume of 3.30 lakh shares in the past one quarter. The stock hit a high of Rs 235.50 and a low of Rs 218.10 so far during the day. The stock had hit a record high of Rs 374.70 on 20 August 2015. The stock had hit a 52-week low of Rs 169.65 on 12 February 2016.

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

Adani Ports and Special Economic Zone (APSEZ)'s consolidated net profit rose 38.34% to Rs 914.06 crore on 18% increase in total income to Rs 2161.65 crore in Q4 March 2016 over Q4 March 2015. EBITDA (earnings before interest, taxes, depreciation and amortization) excluding other income rose 12% to Rs 1225 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 3 May 2016.

Cargo across all ports handled by the company rose 5% to 152 million metric tonnes (MMT) in the year ended 31 March 2016 over the year ended 31 March 2015. The company has given guidance of 10% to 15% growth in cargo volumes for the year ending 31 March 2017 (FY 2017). It has given guidance of 10% to 15% growth in net profit for FY 2017.

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

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