Unknown seller sells 0.5% of Adani Ports for Rs 14.80 billion

27 May 2024 CW Team

At the end of the March quarter, the promoters of Adani Ports held a significant 65.89 per cent stake in the company. Mutual funds owned a 3.1 per cent stake, while LIC, India's largest insurance company, held a 7.86 per cent stake. Additionally, GQG Partners maintained a nearly 4 per cent holding in Adani Ports.

Among the 21 analysts covering Adani Ports, 19 recommended a "buy" rating, while the remaining two suggested a "hold." Currently, shares of Adani Ports are trading 2 per cent lower at Rs 1,413. Despite this decline, the stock has seen a 35 per cent surge in 2024 and has recorded an impressive 96 per cent gain over the past 12 months.

Adani Ports has projected its cargo volumes to be between 460 million tonnes (MT) and 480 MT for the financial year 2025, indicating a 23 per cent growth compared to the upper end of the revised guidance of 390 MT for the previous financial year.

Last month, Norway's central bank announced the exclusion of three companies, including Adani Ports and Special Economic Zone, from its government pension fund due to ethical concerns. Adani Ports had been under scrutiny by Norges Bank since March 2022 for its involvement in a port terminal in Myanmar. The Norwegian fund's Council of Ethics noted that although the company disclosed selling its port-related operations in Myanmar to Solar Energy, no information on the buyer was available, and Adani Ports cited confidentiality concerns for not sharing such information.

The largest private port operator in India reported a consolidated net profit of Rs 20.39 billion for the quarter ending on March 31 in the financial year 2023-24. This marked a 76.2 per cent increase from Rs 11.57 billion reported in the corresponding period of the previous year. The company .also reported a 19 per cent increase in consolidated revenue from operations, reaching Rs 68.96 billion year-on-year from Rs 57.96 billion.

According to a report, shares representing 0.5 per cent of Adani Ports' total equity were traded at an average price of Rs 1,386 per share. Although the buyers in this transaction were not disclosed, it is believed that a strategic investor may have been the seller. At the end of the March quarter, the promoters of Adani Ports held a significant 65.89 per cent stake in the company. Mutual funds owned a 3.1 per cent stake, while LIC, India's largest insurance company, held a 7.86 per cent stake. Additionally, GQG Partners maintained a nearly 4 per cent holding in Adani Ports. Among the 21 analysts covering Adani Ports, 19 recommended a buy rating, while the remaining two suggested a hold. Currently, shares of Adani Ports are trading 2 per cent lower at Rs 1,413. Despite this decline, the stock has seen a 35 per cent surge in 2024 and has recorded an impressive 96 per cent gain over the past 12 months. Adani Ports has projected its cargo volumes to be between 460 million tonnes (MT) and 480 MT for the financial year 2025, indicating a 23 per cent growth compared to the upper end of the revised guidance of 390 MT for the previous financial year. Last month, Norway's central bank announced the exclusion of three companies, including Adani Ports and Special Economic Zone, from its government pension fund due to ethical concerns. Adani Ports had been under scrutiny by Norges Bank since March 2022 for its involvement in a port terminal in Myanmar. The Norwegian fund's Council of Ethics noted that although the company disclosed selling its port-related operations in Myanmar to Solar Energy, no information on the buyer was available, and Adani Ports cited confidentiality concerns for not sharing such information. The largest private port operator in India reported a consolidated net profit of Rs 20.39 billion for the quarter ending on March 31 in the financial year 2023-24. This marked a 76.2 per cent increase from Rs 11.57 billion reported in the corresponding period of the previous year. The company .also reported a 19 per cent increase in consolidated revenue from operations, reaching Rs 68.96 billion year-on-year from Rs 57.96 billion.

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