Adani Ports share climbs 4% despite fall in Q1 earnings

Share price of Adani Ports and Special Economic Zone Limited (APSEZ) rose over 3% in early trade today despite the firm reporting a 26.33 per cent fall in consolidated profit to Rs 757.83 crore in Q1, impacted by COVID-19-induced lockdown. Adani Ports stock rose 3.96% to Rs 348 against previous close of Rs 334.85 on BSE. Stock of Adani Ports has gained 6.05% in the last 4 days.

Adani Ports & SEZ share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has lost 9.05% in one year and fallen 6.48% since the beginning of this year.

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Total 2.44 lakh shares changed hands amounting to turnover of Rs 8.39 crore. Market cap of the firm rose to Rs 69,414 crore.

The country's largest integrated logistics player had clocked a consolidated net profit of Rs 1,028.69 crore in the corresponding period a year earlier, the company said.

In terms of operational performance, Mundra port became the largest container handling port in India by handling 0.97 million TEUs in Q1 FY21, surpassing JNPT volume of 0.85 million.

"Lockdown measures to tame the spread of COVID-19 resulted in lower import and export, impacting cargo throughput in first quarter of FY21," the company said.

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Meanwhile, the market was trading lower after four sessions of gain in afternoon trade today. Sensex fell 75 points to 38,331 and Nifty declined 30 points to 11,290.

Adani Enterprises share price gains 9% in volatile trading session