5 Minutes Read

Adani Ports shares rise after acquisition of 95% stake in Gopalpur Ports for ₹1,349 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

As part of the 95% stake, Adani Ports has acquired 56% stake from SP Port Maintenance Pvt. Ltd., which is part of the SP Group, and a 39% stake from Orissa Stevedores Ltd.

Adani Ports & Special Economic Zone Ltd, the largest port operator in India, has entered into definitive agreements to acquire a 95% stake in Gopalpur Ports Ltd. from its existing shareholders for a cash consideration of ₹1,349 crore, it said in an exchange filing on Tuesday.

The transaction implies an enterprise value of ₹3,080 crore and is subject to closing adjustments.

As part of the 95% stake, Adani Ports has acquired a 56% stake from SP Port Maintenance Pvt. Ltd., which is part of the SP Group, and a 39% stake from Orissa Stevedores Ltd.

This transaction is subject to approval from the Commerce and Transport Department of the Government of Odisha and is likely to be completed by the first quarter of the financial year 2025.

The acquisition of Gopalpur Ports makes it the 14th port under the Adani Group’s control in India. It also operates the Haifa Port in Israel. The company currently has a presence in seven maritime states including Gujarat, Maharashtra, Tamil Nadu, Goa and Kerala.

The company’s cargo handling is expected to rise 5% in FY23, thanks to the new acquisition. The revenue of Adani Ports is also likely to move closer to 20,000 crore. With this, the Adanis now control 24% of port capacity in India.

Gopalpur Ports Ltd is engaged in the business of handling various types of dry bulk and break bulk cargo and is a deep draft, multi-cargo port. It handles a diverse mix of dry bulk cargo, including iron ore, coal, limestone, ilmenite sand and alumina.

In the financial year 2023, it handled 7.4 million metric tonne (MMT) of cargo and has a capacity of 20 MMT. It is estimated to handle 11.3 MMT of cargo in the current financial year and is expected to earn operational revenue of ₹520 crore, Adani Ports said.

Adani Ports further highlighted that the investment is in line with their strategy of East Coast to West Coast parity and Gopalpur Port’s location will allow it unprecedented access to the mining hubs of Odisha and neighbouring states.

“GPL will add to the Adani Group’s pan-India port network, east coast vs west coast cargo volume parity and strengthen APSEZ’s integrated logistics approach,” Adani Ports Managing Director Karan Adani said.

“In our view, the Gopalpur Port is all set for strong growth and margin expansion in the financial year 2025 with opportunities already identified for achieving higher operational efficiencies and infra debottlenecking, implying further value accretion for APSEZ shareholders,” he added.

Adani Ports reported a cargo volume growth of 33% in February and mentioned that it is on track to surpass its volume guidance for the financial year 2024.

For the first 11 months of financial year 2024, the company has handled 382 MMT of cargo after February’s data. It crossed the 350 MMT cargo volume mark at its domestic ports in 318 days of the financial year.

Shares of Adani Ports ended 1.1% higher at ₹1,276 last Friday. The stock has gained 103% over the last 12 months.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Adani Group Stocks: All 10 entities trade with losses; Shed ₹1.26 lakh crore in market cap so far

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Shares of Adani Enterprises are down for the seventh day in a row, while those of Adani Ports have shed nearly 10% in the last two trading sessions.

All ten Adani Group stocks, from Ports, Enterprises to Total Gas and Adani Wilmar, and Cement majors ACC & Ambuja are trading with losses between 5% to 10% on Wednesday.

Adani Ports and Adani Enterprises feature among the top five losers on the Nifty 50 index. Both the stocks are trading with losses of over 8% each

Other stocks like Adani Total Gas, Adani Green Energy, Adani Wilmar, ACC, Ambuja Cements are also trading with significant losses in mid-week trading.

Adani Group Stocks Losses
Enterprises -8.2%
Ports -8.3%
Green Energy -9.6%
Energy Solutions -9%
Wilmar -5.8%
Power -5%
Total Gas -9.7%
ACC -7%
Ambuja -6%
NDTV -7.6%

With today’s drop, all Adani Group stocks have cumulatively lost ₹1.26 lakh crore in market capitalisation so far. However, that figure is 7.9% of the group’s overall market cap of nearly ₹15.85 lakh crore as of closing on Tuesday.

Shares of Adani Enterprises are down for the seventh day in a row, while those of Adani Ports have shed over 10% in the last two trading sessions.

This is also the biggest single day drop that shares of Adani Green Energy have witnessed in 2024 so far.

Most other Adani Group stocks are down for the second day in a row.

Adani Group stocks are also declining in-line with the pain in the broader markets on Wednesday where the Nifty Midcap and Nifty Smallcap indices are down over 4% each. Both the broader market indices are down for the third day in a row.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Adani Ports shares at ₹1,600? Motilal says company well-positioned to beat FY24 guidance

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Adani Ports continues to gain market share while generating strong cash flows and maintaining its leverage position, with a net debt-to-Ebitda ratio of 2.5 times, Motilal said while increasing its volume estimates for the Adani Group company by 2-3% for FY24-26.

Adani Ports and Special Economic Zone Limited clocked a cargo volume of 382 million metric tonnes (MMT) in the 11 months of this fiscal (11MFY24), recording a 24% year-on-year (YoY) growth. With a monthly cargo run rate of 35 MMT, domestic brokerage firm Motilal Oswal Securities expects Adani Ports to surpass even its revised cargo volume guidance of 400 MMT during FY24.

The logistics business, Motilal said, continues to do well, with year-to-date rail volume up 21% YoY in FY24.

The domestic brokerage has maintained its ‘Buy’ rating on the Adani Ports stock and revised its target price to 1,600 per share, suggesting another 21% potential upside ahead for the counter.

Adani Ports has a diversified cargo mix along with sticky cargo and customer base, Motilal said. It continues to gain market share while generating strong cash flows and maintaining its leverage position, with a net debt-to-Ebitda ratio of 2.5 times, the brokerage said while increasing its volume estimates for the Adani Group company by 2-3% for FY24-26.

Over FY24-26, Motilal expects the port operator and logistics company to register a 10% volume growth and a CAGR of 15% in sales, 16% in Ebitda and 18% in profit after tax.

Brokerages View TP
Motilal Oswal Buy ₹1,600
HSBC Buy ₹1,560
Citi Buy ₹1,564

Global broking firm HSBC has also assigned a ‘Buy’ rating on the Adani Ports stock, saying robust throughput growth continued in February 2024. It said the company is on track to beat its 400 MMT target for FY24.

Given that the company continued its strong growth in February, HSBC has raised its EBITDA forecasts for Adani Ports by 1-4% for FY24-26, implying a 19% CAGR.

The foreign brokerage has raised its target price to 1,560 from 1,370 per share, with a potential upside of 18%.

Citi Research, meanwhile, in its note said the company is well positioned to grow reasonably faster than industry due to its presence across both coasts of India.

Citi has a ‘Buy’ recommendation on the counter with a target price of 1,564, implying a further upside of 11.7% from the current market levels. Adani Ports remains Citi’s top pick in India infrastructure space.

“A big part of the strategy is to grow sticky cargo by providing customised services — customised infrastructure at ports, dedicated inland logistics such as trains and multi-modal logistics parks — and strategic joint ventures with large customers in global shipping lines,” the brokerage noted.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Adani Ports cargo volumes grow 33% in February, on track to surpass FY24 guidance

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

In January this year, the company had raised its full-year cargo volume guidance to 400 MMT from the earlier guidance of 370 – 390 MMT.

Adani Ports & Special Economic Zone Ltd., India’s largest ports operator handled 35.4 MMT of total cargo in February, the company said in an exchange filing. The figure is a 33% jump from the cargo it handled in February last year.

Additionally, the Adani Group company’s Dhamra Port recorded its highest-ever monthly cargo of 4.22 MMT.

For the first 11 months of financial year 2024, the company has handled 382 MMT of cargo after February’s data. It crossed the 350 MMT cargo volume mark at its domestic ports in 318 days of the financial year.

The company said that it is well on track to surpass the 400 MMT mark before the end of the financial year.

In January this year, the company had raised its full-year cargo volume guidance to 400 MMT from the earlier guidance of 370 – 390 MMT.

The company’s logistics segment also continued to report record growth in the logistics segment with rail volumes registering a year-to-date growth of 5.42 lakh TEUs (Twenty-Foot Equivalent Units).

For the December quarter, Adani Ports reported a net profit growth of nearly 70% year-on-year to ₹2,208.4 crore. Revenue for the quarter also went up by nearly 45% from last year.

Shares of Adani Ports were among the first ones to cross their pre-Hindenburg saga prices and have nearly doubled over the last 12 months with a 93% surge.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Adani Ports among top Nifty 50 gainers, analysts see up to 12% upside in stock after Q3 results

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Adani Ports stock was among the top three Nifty 50 gainers after India’s largest private port operator reported a nearly 68% year-on-year surge in third-quarter profit helped by a jump in cargo volumes and higher tariffs.

Adani Ports and Special Economic Zone shares gained about 5% in the trading session of February 2, a day after the company reported its financial results for the October to December 2023 quarter.

Adani Ports stock was among the top three Nifty 50 gainers after India’s largest private port operator reported a nearly 68% year-on-year surge in third-quarter profit helped by a jump in cargo volumes and higher tariffs.

Its net profit rose to ₹2,208.4 crore while revenue for the quarter under review went up by 44.6% to ₹6,920.1 crore from ₹4,786.1 crore during the same period last year.

EBITDA or earnings before interest, tax, depreciation and amortisation also increased by nearly 60% from last year to ₹4,292 crore. EBITDA margin expanded by 600 basis points to 62% from 56% last year.

“Adani Ports recorded its strongest ever Q3 and nine-month performance with the highest ever revenue, EBITDA and cargo volumes and is on course to overachieve its full-year guidance provided at the start of the year,” said Ashwani Gupta, the CEO of Adani Ports.

What brokerages make of Adani Ports Q3 results

Brokerage firm Bernstein called it a strong quarter on all fronts, from volume to net income. It also pointed out that the firm’s capex for the first nine months of financial year 2023-24 was ₹5,500 crore as against its initial guidance of ₹4,500 cr for the full year.

However, the brokerage believes that the global turmoil in the Red Sea could impact the company’s near-term performance.

Bernstein has an outperform call on the company with a target price of ₹1,243, which is about 2% more than its last closing price on February 1.

Also Read: Adani Ports raises cargo volume guidance for FY24

HSBC, meanwhile, has raised its target price to ₹1,370 with a buy rating as it believes strong container and dry bulk volumes led to record quarterly throughput and profit.

It also highlighted that Adani Ports met its deleveraging target earlier than its end FY24 goal and that robust cash flows should support future growth ambition. According to the brokerage, EBITDA margin improvement was driven by efficiency gains and better utilisation.

Adani Ports shares were trading 4.8% higher than its previous close at ₹1278.30 on BSE at 12:23 pm.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Stocks to Watch: Maruti Suzuki, Adani Ports, LIC, Vedanta, LTIMindtree, Chambal Fertilisers and more

abb india, ubs
Maruti Suzuki, stocks to watch, top stocks
Maruti Suzuki | The country’s largest passenger car manufacturer on Wednesday said the Gujarat GST authority has upheld the tax demand of ₹173.9 crore along with a penalty of ₹17.4 crore against its arm Suzuki Motor Gujarat Pvt Ltd and the subsidiary company will move the first appellate authority to challenge the order.
Adani Ports, stocks to watch, top stocks
Adani Ports | The company said it has elevated its CEO Karan Adani to the role of managing director, a position which was held by the Chairman of Adani group Gautam Adani. Gautam Adani has been re-designated as executive chairman of APSEZ. The company said its board has also approved the appointment of Ashwani Gupta, former global Chief Operating Officer at Nissan Motors, as the new CEO of APSEZ.
LIC, stocks to watch, top stocks
LIC | State-owned insurance company said it has received GST demands totaling ₹667.5 crore along with penalties from three states—Tamil Nadu, Uttarakhand, and Gujarat. LIC swiftly responded, asserting its intention to file appeals before the Commissioner (Appeals) in Chennai, Dehradun, and Ahmedabad, respectively, against the issued orders within the stipulated timelines.
Vedanta, stocks to watch, top stocks
Vedanta | Anil Agarwal-owned Vedanta Resources Ltd has received consent from bondholders to restructure four series of bonds, it said in a statement. The consent ranges from 97% to nearly 100% across the four series. The proposal needed the support of 66.67% of bondholders to go through.
LTIMindtree, stocks to watch, top stocks
LTIMindtree | IT services firm on Wednesday said it has received a tax demand of ₹206 crore, inclusive of a penalty of ₹9.1 crore and applicable interest. The violations outlined in the order include the denial of zero-rated Supply, resulting in the demand for output IGST, and the rejection of previously granted refunds. Additionally, the order involves the disallowance of Input Tax Credit.
BEML, stocks to watch, top stocks
BEML | India’s Defence Secretary Giridhar Aramane said the Indian government is not inclined to hastily pursue the divestment process of BEML, but rather wait for the most opportune moment. Aramane acknowledged BEML’s current pivotal tasks and expressed confidence that the completion of these endeavours would propel the company’s share price to new heights.
PFC, stocks to watch, top stocks
PFC | State-owned company on Wednesday inked a memorandum of understanding (MoU) with the government of Gujarat. This agreement, signed in Gandhinagar, focuses on providing robust financial support, amounting to ₹25,000 crore, for the state’s ambitious generation, transmission, and distribution projects.
IndusInd Bank, stocks to watch, top stocks
IndusInd Bank | Private sector lender on Wednesday reported a 3% quarter-on-quarter increase and a 13% year-on-year growth in deposits, reaching a substantial ₹3.69 lakh crore. The banks’ advances surged by 4% over the last quarter and 20% over the year-ago period, totalling ₹3.27 lakh crore, IndusInd Bank said in its third quarter business update.
Religare Enterprises, stocks to watch, top stocks
Religare Enterprises | The Burman family on Wednesday raised red flags over the allocation of approximately 2.14 crore shares, constituting 8% of Religare Finvest, to Religare Enterprises Chairman Rashmi Saluja through employee stock ownership plans (ESOPs). The Burman family contended that this allocation warrants investigation to ascertain compliance with SEBI Takeover Regulations.
Chambal Fertilisers, stocks to watch, top stocks
Chambal Fertilisers | The company on Wednesday said it will consider a share buyback proposal in its board meeting, to be held on January 8, 2024. “…we hereby inform you that a meeting of the Board of Directors of Chambal Fertilisers and Chemicals Limited (company) is scheduled to be held on Monday, January 8, 2024, to consider a proposal to buyback equity shares of the company,” the company said.
 5 Minutes Read

Adani Ports board meeting: Gautam Adani redesignated as Executive Chairperson, Karan Adani to be MD

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Karan Adani, whole-time director and CEO of the company was also redesignated as the managing director of with effect from January 4 till the end of his term on May 23, 2027. 

Adani Ports on Wednesday, January 3, 2024, announced that it has redesignated the founder and chairperson of the Adani Group, Gautam Adani as Executive Chairperson, with effect from January 4, 2024, until the end of his current term, i.e., June 30, 2027.

Gautam Adani was earlier the chairperson and managing director of the company.

Karan Adani, the whole-time director and CEO of the company, was also re-designated as the managing director, with effect from January 4 until the end of his term on May 23, 2027.

The board appointed Ashwani Gupta as the CEO of Adani Ports, with effect from January 4, 2024. Gupta will also take charge as the whole-time director of the company for a period of three years, subject to the approval of shareholders.

The board of the company also accepted the resignation of Dr Malay Mahadevia as a director.

The board of the Adani Group company also approved the raising of 5,000 crore via the public issuance of secured, rated, listed, redeemable, non-convertible debentures of a face value of 1,000 each in one or more tranches.

In another development, the Supreme Court pronounced the judgment in the Adani-Hindenburg case. The court rejected the petition to transfer the probe to CBI and directed market regulator SEBI to finish the remaining two probes in three months. 

The shares of the ports company settled 1.5% higher on Wednesday after scaling to a 52-week high of ₹1,144 apiece.

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Adani Ports raises cargo volume guidance for FY24

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

In December 2023, Adani Group company Adani Ports and Special Economic Zone Ltd (APSEZ) handled 35.65 MMT of cargo volumes, resulting in a strong 42% year-on-year increase.

Adani Ports and Special Economic Zone Limited is now targeting over 400 metric tonnes (MMT) of cargo volumes in the curent financial year 2023-24 (FY24), surpassing the upper end of the guidance range of 370-390 MMT provided at the start of this fiscal.

In December 2023, the Adani Group company handled 35.65 MMT of cargo volumes, resulting in a strong 42% year-on-year (YoY) increase. Dry bulk cargo handling was up 63% while handling of containers increased by over 28% on a YoY basis.

For the quarter ended December, APSEZ handled around 109 MMT of overall cargo, with around 106 MMT contributed by our domestic ports portfolio. In the initial nine months of FY 24, APSEZ managed around 311 MMT of total cargo, which is a healthy 23% YoY growth.

“APSEZ crossed the 300 MMT cargo mark in just 266 days versus its previous best of 329 days in the previous financial year. This milestone only proves that our strategy of driving operational efficiencies to achieve industry leading growth is yielding the desired results,” said Karan Adani, CEO and Whole Time Director at APSEZ.

We are now targeting over 400 MMT of cargo volumes in FY24, surpassing the upper end of the guidance range (370-390 MMT) provided at the start of the current financial year,” Adani said.

During the April to December 2023 period, many APSEZ ports recorded new milestones, the company said in a statement. Mundra, the flagship port, handled around 5.5 million TEUs in a record nine months and is on track to surpass 7 million TEUs of container cargo volumes during FY24. It handled 3,000 ships in just 261 days, surpassing its previous record of 288 days in FY23.

The JV terminal at Mundra Port, AICTPL, created a national record by handling 3,00,431 TEUs (around 10,000 TEUs every day) in November 2023, breaking its own record of 2,98,634 TEUs in March 2021. In October 2023, the port handled 16 MMT of cargo volumes and established a new milestone of achieving the highest cargo volumes by any Indian port in a single month, it said.

Shares of Adani Ports gained 2.82% to trade at 1,077.35 apiece on the NSE during today’s late afternoon deals.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Delhivery shares may rally 42% according to this analyst who also highlights three key risks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Among the key risks that UBS has highlighted for Delhivery include competition, customer concentration and its multiple investors and co-founders.

Shares of logistics solutions provider Delhivery Ltd. may rally as much as 42% over the next 12 months, according to brokerage firm UBS.

UBS has initiated coverage on Delhivery with a “buy” recommendation and a price target of ₹550. The price target implies a potential upside of 42% over the next 12 months. UBS’ price target is also the second-highest for Delhivery on the street, following Jefferies, whose analysts see the stock crossing the mark of ₹600.

The brokerage said that its “buy” recommendation is driven by long-term synergistic growth, a strong moat and competitive leadership and strong profitability potential.

Among the key risks that UBS has highlighted include competition, customer concentration and its multiple investors and co-founders.

Delhivery has zero promoter holding with entire shareholding with public shareholders and mutual funds.

The stock was listed in May last year with an IPO price of ₹487. The stock is currently up 16% so far this year but continues to trade below its issue price.

Besides Delhivery, UBS also initiated coverage on Adani Ports with a “neutral” recommendation and a price target of ₹1,175. The brokerage said that it sees limited upside for the stock post its recent run along with the moderate sector growth.

Shares of Adani Ports are up 30% over the last one month.

UBS has initiated coverage on Container Corporation with a “sell” rating and a price target of ₹770. The brokerage said it is cautious about market share losses, high valuations, and a weak exim cycle.

It also said that the Exim segment, which contributes to more than 80% of CONCOR’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), remains weak.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Adani Ports to divest 49% stake in Adani Ennore Container Terminal for ₹247 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Adani Ports Share Price: In a stock exchange filing, Adani Ports said Terminal Investment Ltd, the container terminal operating and investing arm of Mediterranean Shipping Company, will acquire the stake in Adani Ennore Container Terminal via its indirect subsidiary Mundi Ltd.

Adani Ports and Special Economic Zone Ltd on Friday said that it will sell a 49% stake sale in Adani Ennore Container Terminal to Terminal Investment Ltd (TIL) for ₹247 crore.

In a stock exchange filing, Adani Ports said Terminal Investment Ltd, the container terminal operating and investing arm of Mediterranean Shipping Company, will acquire the stake via its indirect subsidiary Mundi Ltd.

The transaction is expected to be completed in three to four months.

This is Adani Ports’ second strategic partnership with TIL following a joint venture with Adani International Container Terminal Pvt Ltd (AICTPL), which operates CT3 Container Terminal at Mundra Port, the largest private commercial port in the country.

The total enterprise value of Adani Ennore has been pegged as ₹1,211 crore.

After the completion of the transaction, Adani Ports would hold a 51% stake in Adani Ennore. “With this second joint venture, we are now further deepening this strategic partnership in one of the fastest-growing container terminal markets in the south. We aim to replicate the AICTPL terminal’s success at the Ennore Container Terminal and service the trade needs of the South Indian market,” said Karan Adani, CEO and Whole Time Director of APSEZ.

In the fiscal year 2023, Adani International Container Terminal processed 0.55 million TEUs, and during the first eight months of the current fiscal year, it handled 0.45 million TEUs. The terminal’s concession period extends until 2044, and there’s potential for its annual capacity to be expanded to 1.4 million TEUs.

Adani Ports shares were trading 0.21% higher at Rs 1,077 apiece at 11am on December 15.

Also Read: Infosys to announce Q3 results on January 11; shares gain 3%

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?