Tag: Adani Ports

Adani Ports to divest 49% stake in Adani Ennore Container Terminal for ₹247 crore

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

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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.

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Adani Ports board approves issuance of NCDs worth ₹5,250 crore

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

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The Board of Adani Ports and Special Economic Zone Limited on Tuesday, December 12, approved bonds and preference shares sale plan of up to ₹5,250 crore.

The Adani Group entity will issue non-convertible debentures (NCDs) of up to ₹5,000 crore in one or more tranches on private placement basis.

The company will also issue non-cumulative redeemable preference shares of up to ₹250.2 crore in one or more tranches on a private placement basis.

“We wish to inform you that the Board of Directors of the company at its meeting held on December 12, 2023 has given their in-principle approval for issuance of Non-Convertible Debentures for capex/refinancing of existing debt and general corporate purpose for an aggregate amount not exceeding ₹5,000 crore in one or more tranches on private placement basis,” it said.

“Issuance of non-cumulative redeemable preference shares on private placement basis for an aggregate amount not exceeding ₹250.19 crore in one or more tranches on private placement basis,” the company said.

The debentures to be issued will be listed on the bourses. The tenure of the instrument, date of allotment and date of maturity will be determined from time to time at the time of issue, the company said.

Global brokerage Citi has upgraded the target price for Adani Ports on the possibility of a rerating. Citi has a ‘Buy’ rating on the counter, citing attractive valuations and a strong business.

Meanwhile, Kotak has raised Adani Ports Ebitda estimates, citing market share gains on operational efficiencies and cargo diversification at India’s largest private ports operator.

Shares of Adani Ports gained 1.01% to trade at ₹1,042.35 apiece on the NSE during Tuesday’s afternoon deals. The stock has rallied 40% in the last six months.

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Adani Group stocks extend gains for the fifth day in a row; Adani Ports top Nifty 50 gainer

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

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The stocks of companies under billionaire Gautam Adani-led group extended their gains for the fifth straight trading session on Thursday, December 7, as the optimism over the ports-to-power conglomerate continued. Shares of Adani Ports and Special Economic Zone (APSEZ), the Adani Group’s blue-chip player, was the top gainer on the Nifty50 index.

With a ‘Buy’ call, domestic brokerage firm Motilal Oswal has revised its target price higher on the Adani Ports stock to ₹1,210, citing the company is on its path to achieve its FY24 volume guidance.

Adani Ports volume growth

Motilal anticipates sustained volume growth due to enhanced utilisation of current ports and favorable global trade trends. It further said the company’s strong market leadership in ports, focus on value-added areas such as logistics, and focus on strategic acquisitions position it favorably for the future.

“Further, with positive development at the Group level related to the Hindenburg case, we expect re-rating in valuation multiples,” it said in a note.

Adani Ports shares surged 3% to trade at ₹1,048.60 apiece during the day. The stock has recovered over 120% from its lows of ₹462 per share after US-based short seller Hindenburg’s explosive report was out.

Adani Total Gas shares hit upper circuit

Meanwhile, shares of Adani Total Gas Ltd touched an upper circuit limit of ₹1,159 during today’s trading session. The Adani Total Gas stock has more than doubled investors’ wealth in the last one month, rising 111.35%.

Other group stocks including Adani Group’s flagship company, Adani Enterprises, Adani Power, Adani Green Energy, and Adani Energy Solutions, saw gains ranging from 1% to 3%.

Key triggers for Adani stocks

According to a media report, the Adani Group is in talks with Shapoorji Pallonji Group to acquire Gopalpur Ports in Odisha for up to ₹1,100-1,200 crore in equity value.

SP Ports Maintenance owns 56% in Gopalpur Ports, while the rest is owned by Orissa Stevedores (OSL), according to Economic Times. This acquisition, as per the report, is part of the company’s “string-of-pearls strategy” that involves owning facilities in both eastern and western water margins.

The due diligence process by Adani Ports is currently underway and in case the deal follows through, Gopalpur Ports will be sixth acquisition for Adani Ports in the eastern coast, it added.

The investor confidence in the Adani Group was also bolstered by a report stating that the US government didn’t find Hindenburg Research’s allegations of corporate fraud against the conglomerate relevant before extending a $553 million loan for a container terminal in Sri Lanka. Another key trigger was Adani Green Energy securing a $1.36 billion loan from a consortium of eight international banks.

From a low of ₹6.8 lakh crore, the conglomerate’s market capitalisation has more than doubled but is still ₹5.3 lakh crore below the January 24 levels.

The majority of the recovery in the Adani Group’s market valuation has occurred in the past week. Last week, the Adani Group’s market cap surged by ₹1 lakh crore after the Supreme Court concluded hearings in a regulatory probe investigating Hindenburg’s allegations.

While reserving its order on the probe, the SC stated it would not take media reports on the conglomerate as the “gospel truth”.

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Adani Ports at a record high and the rally is far from over

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

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Adani Ports shares will continue to remain in focus on December 6 as well, after touching record high levels in the past two trading sessions along with other Adani group stocks. The stock has recovered nearly three times from its lows of ₹392 per share after the Hindenburg report was out.

With a ‘buy’ call, Switzerland-based brokerage Citi has raised the target price on the Adani stock by nearly 25% from ₹972 earlier to ₹1,213. The highest target so far, this implies the analysts see a further 20% upside from the closing price of December 5. In December alone, which has seen three sessions until now, the stock has given a return of 22.5% to its investors.

Citi pointed out that the company continues to execute well and grow its dominance in India’s port and logistics space. According to the analyst, Adani Ports’ valuations in the calendar year 2023, have been suppressed due to negative news flow around the Adani Group.

Despite the rally in the stock after election results, analysts at Citi think there is still ample scope for valuations to re-rate. It also noted that the firm’s new projects are close to commissioning and the logistics business is running strong.

In the previous session, brokerage firm Kotak Securities revised its price target on Adani Ports to ₹1,060.

Of the 23 brokerages that give a rating on the Adani Ports stock, 17 have a buy call, one has given it an overweight rating, another one has an outperform call on it, two recommend adding it, while two others have a hold and sell call each.

The stellar upmove in the stock this month has taken the combined market capitalisation of the Adani Group companies back to ₹14 lakh crore, with ₹3 lakh crore added just in the last two trading sessions.

Over the last month, the market capitalisation of Adani Group companies has gone up by 34%.

In the previous session on December 5, all 10 Adani Group companies rallied in Tuesday’s trading session with Adani Green, Adani Total Gas, and Adani Energy Solutions ending in an upper circuit of 20%, while Adani Ports hit a record high. Other stocks ended with gains between 10% and 15%.

In the past six months, Adani Ports shares have made investors richer by 35.5% as against the benchmark Sensex which has risen 10% during the period.

It must also be noted that GQG Partners had earlier invested ₹15,446 crore in four Adani Group companies on March 2 this year. The fund, led by US-based Rajiv Jain, increased its stake subsequently in these companies across the June and September quarters.

In August, the promoters of Adani Power sold 31 crore shares or nearly 8% of the total equity to GQG in a deal valued at nearly ₹9,000 crore. Since that deal on August 16, the shares of Adani Power are up 90%, taking the total GQG investment value to nearly ₹17,000 crore.

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Adani Ports shares rally 14%, hit record high; Mcap crosses ₹2 lakh crore

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

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Shares of Adani Ports and Special Economic Zone (APSEZ) extended their rally on Dalal Street for a second consecutive session, taking their overall gains to 22% in the last two days. At 2:20 pm, the scrip was trading over 14% higher to hit a fresh one-year high of ₹1,008.50 apiece on the NSE.

The Nifty50 constituent was commanding a total market capitalisation of more than ₹2 lakh crore today. The stock has zoomed 34% in the last six months.

Domestic brokerage firm Kotak Institutional Equities recommended a ‘Buy’ on the Adani Ports stock for 20% upside over the next year. Kotak has raised its target price on the counter to ₹1,060 per share, citing market share gains.

Market share gains driven by operational efficiencies

Market share gains have been significant, with Adani Ports growing 2 times and 3 times of the 7% market growth on an organic and overall basis, respectively. This was driven by realization and sharing of operational efficiencies, the offering of an integrated service and cargo diversification, Kotak said.

“The sharp industry growth reflects the sharp focus on operational efficiencies, helping gain business by offering a better service level for the same price. It also reflects the benefits of the addition of new cargo classes in Mundra and Dhamra ports. An integrated portcum-logistics service is also helping it gain market share,” the brokerage said.

Finally, the sensitivity to select cargo classes (thermal coal, iron ore) is helping as this starts to see normalised volume levels in select ports including Mundra, Gangavaram and Krishnapatnam, it said.

The brokerage has increased its volume and EBITDA estimates by 4% and 6%, respectively, saying Adani Ports continues to outperform in a market gaining momentum.

“We increase our EBITDA estimates by 5-6% to account for higher volume growth for Mundra, Dhanraj and Ennore ports,” it said.

Over FY23-26, Kotak expects 9%, 10%, and 15% compounded volume for Mundra, existing ports, and its overall portfolio. “EBITDA CAGR would be higher at 21% on account of realization growth and margin expansion,” it said.

Adani Ports has also demonstrated higher-than-expected port volume, revenue, and EBITDA growth of 15%, 23%, and 22%, respectively, in the past three years. The company’s FY2030 volume target of 1,000 million tones suggests a healthy 16% volume CAGR over the next six years, as per Kotak.

“The stock trades at sub-12 times FY2025E EV/EBITDA and is the top pick within our transportation coverage,” Kotak said, adding history suggests that the stock has traded in the range of 10-16 times one-year forward multiple for most of the past seven years.

“We value the company at an implied multiple of 13 times on a two-year forward basis,” the brokerage noted.

The combined Mcap of Adani Group companies surpassed ₹14 lakh crore today. The conglomerate’s wealth has surged over ₹1.83 lakh crore in the last week.

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Adani Ports shares rally up to 7% on strong cargo volume growth in November

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

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APSEZ shares opened higher and rose further to hit a day’s high of ₹883 on BSE, up by 6.70% over Friday’s close. Around 2.48 lakh shares changed hands on the bourse.

The Adani group company in an exchange filing stated that its cargo volume rose by 42% to 36 million metric tonnes (MMT) in November 2023 compared to the same month last year.

The company witnessed growth across all three broad cargo categories – dry bulk, containers and liquid and gas. Dry bulk volumes surged by 60% year-on-year, containers by 26% year-on-year, and liquids and gas by 23% year-on-year.

Adani Ports also stated that its joint venture terminal in Mundra, Adani International Container Terminal Pvt Ltd (AICTPL) scaled a milestone by becoming the first terminal in India to handle over 3,00,000 containers in a month in November.

AICTPL handled a record 3,00,431 TEUs across 97 vessels in November 2023, beating its own record of 2,98,634 TEUs in March 2021. The terminal handled approximately 10,000 TEUs every day.

APSEZ’s other two ports of Dhamra and Ennore also reported their highest-ever monthly volumes. Dhamra handled 3.96 MMT while Ennore handled 65,658 TEUs in November.

APSEZ in the April-November period of 2023-24 handled around 275 MMT of cargo, which was 21% more than that in the year-ago period. This marks over 70% of the top-end of the full-year guidance range of 370-390 MMT, it said.

The company mentioned that logistics volumes continue to witness record growth with year-to-date (YTD) rail volumes of

around 379,000 TEUs (over 23% year-on-year) and GPWIS (general purpose wagon investment scheme) volumes of 12.3 MMT (over 44% year-on-year).

Adani Ports shares are trading 4.79% higher at ₹867.15 on BSE at 10.31 AM.

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

Adani Group stocks surge as Nifty hits record high; market cap crosses ₹12 lakh crore

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

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The Adani Group stocks are surging between 3% and 10% in Monday’s trading session as Indian equities hit a record high post the Bharatiya Janta Party’s election victory in three states, surpassing exit poll expectations.

Analysts across the board believe that the election outcome has reaffirmed the consensus estimates of the BJP returning to power in 2024 and that it will also boost market sentiment.

Here’s how the Adani Group stocks are faring today:

With today’s surge, the overall group market capitalisation has crossed the mark of ₹12 lakh crore. This is the first time that it has crossed this mark after falling below it on January 31 this year, a week after the Hindenburg Report was released.

The Group market cap has recovred more than 90% from the all-time low of ₹6.8 lakh crore, but still remains 50% below its all-time high of ₹24.8 lakh crore.

Last week, Adani Group stocks had their best day since the report went public after a Supreme Court bench, led by Chief Justice of India DY Chandrachud reserved its verdict in the Adani-Hindenburg case. The apex court observed that capital market regulator SEBI must complete probe in all 24 case.

“We are definitely watching out ACC-Ambuja twins. The cement pack is something that can do exceedingly well, generally in the next few years. And obviously, I think the kinds of numbers that they have been posting, the expectation is that synergies and operational efficiencies will start flowing in,” Mayuresh Joshi of William O’Neil told CNBC-TV18.

“The other one also to watch out for only Adani Ports. A lot of activity is probably expected to come through in terms of both container volumes and the expectations in the sum of parts that Adani Ports probably derives as part of its intrinsic value as well. So nothing in terms of something that we are buying right now. But these two stocks, definitely out of the whole pack do remain on our radar,” he said.

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Talks on with Adani Group on Tajpur Port project, says Bengal minister

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

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Amid speculations of Adani Group backing out of the Tajpur Port project in West Bengal after Chief Minister Mamata Banerjee’s tender invitation comment, state minister for industries, commerce and enterprises Sashi Panja said the project is very much on track and talks are underway with the Adani Group.

Addressing a press conference on Sunday on account of ‘West Bengal Day’, when asked about Adani Group‘s absence from the Bengal Global Business Summit (BGBS), Panja said that talks with the Adani Group and Bengal government are still on and that the company was provided with a provisional Letter of Intent (LoI) for the Tajpur Port project.

“There was a provisional LoI which was granted to the highest bidder of the Tajpur project. The requisite permissions were then sought from four departments of the government of India. All other permissions from the Government of India, including Defence, Shipping, Home and External Affairs departments were also under process. The Adani Group is waiting for a letter of award (LoA) from the West Bengal government,” she said.

“The Ministry of Home Affairs had offered conditional security and reverted to the Bengal Government with some observations, the clarifications of which we have asked for,” Panja said.

When asked about Opposition speculating on the issue over the development of the project, the minister called them ‘baseless allegations’

“They do not know the status of the project, and the progress of the discussions with Adani Group on the deep sea port. They are speaking out of order,” she said.

During the BGBS summit held recently, CM Banerjee said: “The proposed first deep sea port at Tajpur is ready. You can participate in the tender. It will attract an investment of about $3 billion, meaning ₹25,000 crore,”

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Adani Ports Share Price: Uncertainty over Letter of Award for development of West Bengal’s Tajpur port

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

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Shares of Adani Ports & Special Economic Zone Ltd. are trading lower by a percent on Wednesday, November 22. Uncertainty has emerged over the Letter of Award that was granted to the company for the development of the Tajpur Port in West Bengal.

The West Bengal Government had cleared the Letter of Award to Adani Ports in October 2022.

In an exchange filing on October 12, 2022, Adani Ports had said: “The company has received a Letter of Award from West Bengal Industrial Development Corporation Ltd, Kolkata for development of a deep-sea port at Tajpur, West Bengal on Design, Build, Finance, Operate and Transfer basis.”

Karan Adani, CEO of Adani Ports had received the letter. “We’re poised to build not just a port but a complete infrastructural ecosystem which will become a maritime gateway for the entire Eastern India,” he had tweeted after receiving the letter.

However, West Bengal Chief Minister Mamata Banerjee, at the Bengal Business Summit on November 21 said that interested parties could bid for the Tajpur Port.

“There is a proposed deep sea port at Tajpur. That is ready. You can participate in the tender. It will attract an investment of about ₹25,000 crore,” she said.

CNBC-TV18 has reached out to Adani Ports over the issue and is awaiting a comment from the company.

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Adani Ports shares gain as analysts raise target post decent Q2 results. Should you buy this stock?

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

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Shares of Adani Ports and Special Economic Zone Limited gained 1.5% in Friday’s opening trade as a couple of top brokerages recommended ‘Buy’ rating on the counter and some even raised their price targets after APSEZ reported a decent second-quarter with stable operational numbers.

At 10:08 am, the scrip was trading 0.83% higher at ₹812.90 apiece on the NSE. The Adani Ports stock has rallied 18% in the last six months.

Global brokerage firm Jefferies has maintained its ‘Buy’ rating on Adani Ports with an increased share price target of ₹985. CLSA finds the stock worth ₹878.

Jefferies has raised its FY24 to FY26 volume by 4% based on recently announced October 2023 volume run-rate. Additionally, it said the management is now confident of meeting the upper end of its FY24 9-15% year-on-year (YoY) volume growth guidance.

According to CLSA, Adani Ports’ mergers and acquisitions (M&A) strategy has paid a rich dividend. The CEO is resolutely focused on its next leg of growth, saying, “Will bring down net debt-to-EBITDA to 2.5 times in FY24.” The port operator’s net debt-to-EBITDA improved to 2.8 times from 3.1 times in March 2023.

Adani Ports posted a revenue growth of 28% in the September quarter, beating analysts’ estimates, even as profit was hurt by a MAT (Minimum Alternate Tax) credit write-off.

During the quarter, the port operator recorded a 17% year-on-year (YoY) growth in cargo volumes to reach 101.2 million metric tonnes (MMT) .

Adani Ports handled a total cargo volume of 37 MMT in October 2023, marking a strong 48% growth on a YoY basis.

APSEZ handled combined volumes of 240 MMT cargo in the seven months of the ongoing financial year 2024, while the recorded volume grew by approximately 15% on a YoY basis across the ports in India.

Both Mundra and non-Mundra port clocked strong growth across dry, liquid and container volumes. Overall volumes rose 28% YoY and 6% QoQ.

“With the completion of the Karaikal acquisition, the port is ramping up well, along with the newly acquired Haifa port, which managed 6.6 MMT in 1HFY24. The management continues to remain optimistic about achieving its higher end of FY24 cargo guidance,” said Motilal Oswal Securities while suggesting a target of ₹1,050 on the stock.

With operational ramp up at ports acquired in the last few years, Motilal expects APSEZ to register a 13% volume growth over FY23 to FY25. This would drive a compounded revenue, EBITDA, PAT of 20%, 17%, and 12%, respectively, over the same period.

Operating profit, calculated as EBITDA, shot up 27% on-year but dipped 3% QoQ as margin came in at 58.4% in the September quarter. The margins were adversely impacted by higher operating expenses.

The first half of this financial year 2023-24 has been strong for Adani Ports, and with this run-rate, analysts at Nuvama Institutional Equities believe that FY24’s operational metrics could overshoot management guidance.

Logistic footprint

The logistics business, Nuvama said, is sustaining rapid growth and has synergies with the port business.

“More importantly, the logistics business continues to outpace peers with a total of 10 MMLPs and two more to come during the year. With robust growth and prudent spending on capex, we expect the returns ratios and debt metrics to improve over the next couple of years,” it said.

On the logistics side, Nuvama said that Adani Ports aspires to achieve warehousing capacity of 60 million square feet with an annual addition of 10 million square feet. “Inorganic acquisition on the port side along with multi-fold capacity creation in the logistic business should unleash multi-year growth prospects for APSEZ,” the brokerage noted.

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