Adani Ports: Improving balance sheet offers comfort

Reduction in borrowing, expanding share of non-coal products and non-Mundra ports are positives

The stock of Adani Ports is among the biggest large-cap gainers, with returns of over 30 per cent year-to-date. Data indicate that foreign portfolio investors (FPIs) have been buyers of the stock since September 2016, with a shareholding of FPIs increasing from 17.14 per cent as of September 30, 2016, to 23.25 per cent on March 31, 2017. The reasons for heightened investor interest is interesting and even ironic as Adani Ports, which was once liked for its strong hold in Mundra port, is now finding favour for its ability to reduce its dependence on the port. But, the most