Adani Ports Gains After Acquiring 100% Stake In Krishnapatnam Port
Share price of Adani Ports and Special Economic Zones (APSEZ) surged more than eight per cent on Tuesday, April 6, a day after it acquired the Krishnapatnam Port in the Nellore district of Andhra Pradesh. The country's largest private port and logistics company increased its stake in Krishnapatnam port from 75 per cent to 100 per cent. On Tuesday, Adani Ports opened on the BSE at Rs 759, touching an intra day high of Rs 814.95 and an intra day low of Rs 743.20, in the trading session so far. The company also gained on the basis of its operational performance update of the financial year 2020-21. (Also Read: Adani Ports Is Now Sole Owner Of Krishnapatnam Port in Andhra Pradesh )
According to a statement released by the firm, Adani Ports acquired Vishwasamudra Holdings' 25 per cent stake in the Krishnapatnam Port for Rs 2,800 crore. The complete 100 per cent acquisition of the Krishnapatnam Port means a 10.3 times multiple on FY21 (financial year 2020-21) earnings before interest, tax, depreciation, and amortization (EBITDA) and further enhances shareholder value. According to a regulatory filing by the company to the BSE, Adani Ports handled cargo volume of 26 million metro tonnes (MMT) in march 2021, reflecting a 41 per cent year-on-year growth, and 23 per cent month-on-month growth.Â
In the fourth and last quarter of financial year 2020-21, Adani Ports handled a cargo volume of 73 million metric tonnes, registering a 27 per cent year-on-year growth. Overall, in fiscal 2020-21, Adani Ports handled cargo volume of 247 million metric tonnes, showing an 11 per cent year-on-year growth.Â
On Tuesday, Adani Ports opened at Rs 756 on the NSE, touching an intra day high of Rs 815 and an intra day low of Rs 743, in the session so far.
At 1:51 pm, Adani Ports was trading 8.49Â per cent higher at Rs 806.15 on the BSE. Meanwhile, on the NSE, it was last trading 8.44 per cent higher at Rs 804.90.
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