Shares of this large-cap Adani Group stock jumped 6 percent after Promoter Entities increased their stake in the company. In the last six months, the stocks of this company have gained close to 30 percent.
With a market capitalization of Rs 1.89 lakh crores, the stocks of Adani Ports & Special Economic Zone Limited started their trading session on Monday at Rs 841.40 and currently trade at Rs 874.40, gaining around 6 percent as compared to the previous closing levels of Rs 825.15 apiece.
Such sharp movements in the company’s stock were observed after the company, in a regulatory filing with the Bombay Stock Exchange (BSE), disclosed two entities from the Promoter Group bought an additional stake in the company totaling around 2.17 percent.
Beginning with “Resurgent Trade and Investment” buying around 2.03 crore equity shares equating to a 0.94 percent stake in the company. The entity, pre-acquisition, held a 1.51 percent stake, and, post-acquisition, the stake increased to 2.45 percent.
Another Promoter Group member named “Emerging Market Investment DMCC” bought around 26.50 Lakh shares of the company equating to a 1.23 percent stake. The entity, pre-acquisition, held a 4.41 percent stake, and, post-acquisition, the stake increased to 5.64 percent.
The company’s recent quarter data reported shows positive movements as far as the operating revenues and after-tax profits are concerned.
The operating revenues increased from Rs 5,796 crores during Q4FY22-23 to Rs 6,247 crores during Q1FY23-24, and, the after-tax profits, in congruence, moved up from Rs 1,133 crores to Rs 2,194 crores keeping the timeframe the same.
As per the quarter ending June 2023, the company’s Promoters hold a 62.89 percent stake, and the Foreign Institutional Investors (FIIs) hold a considerable stake of 16.99 percent in the company.
Domiciled in India, Adani Ports & Special Economic Zone Limited is a port infrastructure company that owns and operates port terminals and port infrastructure. Generating a majority of revenues from domestic operations within India, the company has the sole business segment of maintaining the ports and port-related infrastructure development activities.
Written by Amit Madnani
The post Largecap stock jumps more than 6% after promoter increases stake in the company; Check the details appeared first on Trade Brains.
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