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Adani Ports & SEZ incorporates subsidiary

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Adani Ports & Special Economic Zone incorporated a wholly-owned subsidiary, Adani Pipelines, on 12 December 2019 and it is yet to commence its business operations.

Adani Pipelines has authorized share capital and paid-up share capital of Rs 5 lakh respectively. It was incorporated as a wholly owned subsidiary of the company for carrying out business of transportation of crude, oil, gas, petroleum products through rail, road pipeline, sea, waterways & other related activities. The announcement was made after market hours yesterday, 13 December 2019.

Shares of Adani Ports & Special Economic Zone (Adani Ports & SEZ) rose 1.29% to Rs 377.10 on Friday.

In the past one month, Adani Ports & Special Economic Zone rose 2.27% to its previous day's closing price at Rs 377.10.

On a consolidated basis, Adani Ports & SEZ's net profit jumped 74.1% to Rs 1,054.15 crore on 8.2% rise in net sales to Rs 2,821.16 crore in Q2 September 2019 over Q2 September 2018.

Adani Ports & SEZ is engaged in the business of developing, operating and maintaining the port and port-based related infrastructure facilities, including multi product special economic zone (SEZ). Its segments include port and SEZ activities and others.

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

First Published: Sat, December 14 2019. 11:26 IST