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

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

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.

Next Story
Real Estate

Bennet & Bernard Unveil Dutch-Inspired ‘Casa El Toledo’ in Goa

Bennet & Bernard Group, Goa’s leading luxury real estate developer, has launched its newest project, Casa El Toledo, in Assagao. The enclave features 18 ultra-luxury 4 BHK Dutch-style villas blending European charm with tropical elegance. Each villa includes a private pool, double-height ceilings, open courtyards, alfresco dining areas, and English-inspired landscaping. The interiors are curated by noted Dutch designer Kelly Marie.   Reflecting the grandeur of the Dutch Golden Age, Casa El Toledo harmonises heritage aesthetics with modern sensibilities. Expansive interiors flow..

Next Story
Equipment

Godrej Delivers Heaviest Ecolaire Surface Condenser to US Project

Godrej Enterprises Group’s Process Equipment business has manufactured and delivered its heaviest Ecolaire® Surface Condenser to date, weighing nearly 450 metric tonnes, for a power-generation project in the United States. The project, powered by natural gas and partly designed for hydrogen compatibility, marks another step in advancing clean energy systems. Produced at the company’s GreenCo-certified Dahej facility in Gujarat, the equipment demonstrates India’s growing engineering capabilities and reinforces Godrej’s ‘Make in India for the World’ vision.  Hussain S..

Next Story
Infrastructure Energy

India, Brazil Discuss Energy Ties And Oil Investments

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri held discussions with Celso Luis Nunes Amorim, Special Advisor to the President of Brazil, and senior Brazilian officials to strengthen bilateral cooperation in the oil, gas, and energy transition sectors. The talks took place during a dinner hosted by Kenneth H da Nobrega, Ambassador of Brazil to India, at his residence in New Delhi.Mr Puri said the meeting focused on Indian investments in Brazil’s oil and gas sector, as well as expanding collaboration in energy transition and biofuels. “The enriching conversation revolved ar..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?