Adani Ports hits a new 52-week high
Adani Ports hit a new 52-week high today at Rs.363.75 and it continues to remain around the same level, up 8%. Its life-time high is at Rs.1324, hit on 2nd Jan 2008. It has clocked in a volume of over 5 lakh shares today compared to around 4 lakh trades on two-week average.
The stock is jubilant on being included in the CNX Nifty-50 index with effect from 28th Sept. On making a debut on this index, most stocks usually see a lot of buying by Index funds and increases liquidity in the stock. Adani Ports will replace NMDC.
The market is also enthused with the company’s Q1Fy16 performance. The company posted a good set of numbers for Q1FY16, beating most estimates. Consolidated Net profit increased 13% (YoY) at Rs.641 crore. Net sales rose 40%at Rs.1723 crore. EBITDA was up 39% at Rs.1145 crore and margins expanded 50 bps to 65.5%. Its bone of contention – interest cost remains high at Rs.318 crore, up 52%.
Consolidated cargo across all ports handled by the company was 40 MMT in Q1FY16, up 17% (YoY). In case of containers, the Mundra port handled 748,000 TEUs v/s 681,000 TEU’s, up10% compared to growth of 3% aggregate growth in container volumes at all the major ports. The twin ports of Hazira and Dahej handled cargo of 5.42 MMT, showing a growth of 22%. The company received letter of award from the Government of Kerala for development and operation/maintenance of the Vizhinjam International Deepwater Multipurpose Seaport Project on PPP mode on DBFOT basis.