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Adani Ports and SEZ inches up after board approves buyback

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Adani Ports and Special Economic Zone rose 0.50% to Rs 426 at 14:29 IST after the company announced buyback of shares.

The announcement was made during the market hours on Tuesday, 4 June 2019.

Meanwhile, the S&P BSE Sensex was down 67.26 points, or 0.17% at 40,200.36.

On BSE, 2.95 lakh shares were traded so far on the counter below its 2-week average of 4.64 lakh shares. The stock hit a 52-week high of Rs 430 on 23 May 2019 and a 52-week low of Rs 293.95 on 30 October 2018.

The company said that its board at its meeting held on 4 June 2019, approved the proposal for buying back up to 3.92 crore equity shares, or 1.89% equity, at maximum buyback price of Rs 500 per share, for an aggregate amount not exceeding Rs 1,960 crore.

Adani Ports declared a 44.7% rise in consolidated net profit to Rs 1340.88 crore on 3.2% decrease in net sales to Rs 3082.49 in Q4 March 2019 over Q4 March 2018.

Adani Ports and Special Economic Zone (APSEZ) is India's largest private port and special economic zone. The company is engaged in the business of developing, operating and maintaining the Mundra Port and Port based related infrastructure facilities, including Multi product Special Economic Zone.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 04 2019. 14:29 IST