Gujarat Pipavav Port rose 0.94% to Rs 145.70 at 12:24 IST on BSE on reports APM Terminals is looking to offload its stake in the company.
Meanwhile, the S&P BSE Sensex was down 46.03 points, or 0.15% to 31,225.25.On the BSE, 1.29 lakh shares were traded in the counter so far, compared with average daily volumes of 1.79 lakh shares in the past one quarter. The stock had hit a high of Rs 150 and a low of Rs 145.10 so far during the day. The stock hit a 52-week high of Rs 197.35 on 9 September 2016. The stock hit a 52-week low of Rs 121.20 on 26 December 2016.
The stock had underperformed the market over the past one month till 7 June 2017, sliding 10.20% compared with 4.47% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.81% as against Sensex's 8.10% rise. The scrip had also underperformed the market in past one year, falling 9.72% as against Sensex's 15.73% rise.
The mid-cap company has equity capital of Rs 483.44 crore. Face value per share is Rs 10.
According to reports, APM Terminals, the controlling shareholder, manager and operator of Gujarat Pipavav Ports (GPPL), is looking to exit its 12-year flagship investment as it no longer fits in with its core global business strategy. It has mandated HSBC to run a formal sale process and find a new buyer.
Global and local rivals and infrastructure-focused conglomerates such as JSW Group, Adani Ports and Dubai's DP World are believed to have been approached, and initial diligence has begun, reports added.
Netherlands-headquartered APM Terminals is the independent ports and terminals arm of Danish maritime giant A.P. Moller-Maersk Group. It owns 43.01% of GPPL (as on 31 March 2017). As per rules, the buyer will also need to make a mandatory open offer to minority shareholders for an additional 26%.
Net profit of Gujarat Pipavav Port rose 28.12% to Rs 66.20 on 5.85% rise in net sales to Rs 156.74 crore in Q4 March 2017 over Q4 March 2016.
Gujarat Pipavav Port is managed and operated by APM Terminals, the ports and terminals company of the maritime giant, the A.P. Moller-Maersk Group.
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