Adani Ports and Special Economic Zone rose 3.06% to Rs 264.60 at 11:55 IST on BSE after the Reserve Bank of India allowed foreign investors to hike their stake in the company to upto 49% from 40% earlier.
The Reserve Bank of India (RBI) made the announcement after market hours on Friday, 30 September 2016.Meanwhile, the BSE Sensex was up 278.94 points, or 1%, to 28,144.90.
On BSE, so far 2.72 lakh shares were traded in the counter, compared with average daily volume of 4.89 lakh shares in the past one quarter. The stock hit a high of Rs 280 and a low of Rs 259.95 so far during the day. The stock hit a 52-week high of Rs 330.75 on 15 October 2015. The stock hit a 52-week low of Rs 169.65 on 12 February 2016. The stock had outperformed the market over the past 30 days till 30 September 2016, sliding 0.85% compared with 1.96% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 25.52% as against Sensex's 2.66% rise.
The large-cap company has equity capital of Rs 414.19 crore. Face value per share is Rs 2.
RBI notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can under the portfolio investment scheme (PIS) now invest upto 49% of the paid up capital of Adani Ports and Special Economic Zone (APSEZ). The purchases could be made through primary market and stock exchanges. RBI stated that the company's board of directors' has passed a resolution and its shareholders have passed a special resolution agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.
APSEZ's consolidated net profit rose 30.8% to Rs 835.71 crore on 6.34% growth in net sales to Rs 1817.23 crore in Q1 June 2016 over Q1 June 2015.
APSEZ, a part of the Adani Group, is India's largest private port operator.
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