Adani Ports gains as buyback to open on 6 Sept

Adani Ports and Special Economic Zone rose 1.95% % to Rs 356.20 at 11:02 IST on the BSE after the company said the proposed buyback offer of shares will open on 6 September and close on 20 September 2019.

In June, the company announced its plan to buyback up to 3.92 crore fully paid up equity shares, or 1.89% stake, at Rs 500 each payable in cash for an amount aggregating up to Rs 1960 crore on a proportionate basis, through the tender offer route.

The private multi-port operator announced after trading hours on Friday, 23 August 2019, that it has received final comments on the 'Draft Letter of Offer' dated 13 June 2019 from the Securities and Exchange Board of India (Sebi). Accordingly, the company will dispatch the letter of offer along with the tender form to eligible shareholders (being the shareholders of the company as on the record date, 21 June 2019) on or before Thursday, 29 August 2019. The company will dispatch the letter of offer along with the tender form to eligible shareholders on or before 29 August 2019.

 

On a consolidated basis, Adani Ports's net profit rose 56.5% to Rs 1081.05 crore on a 15.9% rise in the net sales to Rs 2794.47 crore in Q1 June 2019 over Q1 June 2018.

Adani Ports and Special Economic Zone (APSEZ) is the largest commercial ports operator in India accounting for nearly one-fourth of the cargo movement in the country. The company has presence across 10 domestic ports in the six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.

On the BSE, 69137 shares were traded in the counter so far compared with average daily volumes of 13 lakh shares in the past one quarter. The stock hit a high of Rs 368.95 and a low of Rs 349.75 so far during the day.

The stock hit a 52-week high of Rs 430 on 23 May 2019. The stock hit a 52-week low of Rs 293.95 on 30 Oct 2018.

The scrip has underperformed the market in past one year, down 8.96% as against Sensex's 4.27% fall.

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