Adani Ports share rises 4% after firm raises Rs 430 crore via sale of promoter stake

Share price of Adani Ports and Special Economic Zone gained over 5% today after  promoters of the firm pledged 206.09 lakh shares in favour of Credit Suisse AG to raise Rs 430 crore for a group company.

The stock has gained 4.71% in the last 2 days. The stock opened with a gain of 2.03% at Rs 366 today. It touched an intra day high of Rs 378.45, a gain of 5.24%.  Adani Ports & SEZ stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

In one year, the share has fallen 0.7%. The share has lost 0.82% since the beginning of this year. In a month, the share has gained 15.24%. Total 4.65 lakh shares changed hands amounting to turnover of Rs 17.22 crore on BSE.

Market cap of the firm rose to Rs 73,681 crore. Gautam S. Adani and Rajesh S. Adani held these shares on behalf of SB Adani Family Trust and they comprised 1.01 per cent of the APSEZ share capital. In a filing, APSEZ said the pledge was against the security for the borrowing by Adani Rail Infra Pvt Ltd amounting to Rs 430 crore.

The value of shares being encumbered amounted to over Rs 742.03 crore.

Meanwhile, Sensex and Nifty were trading in the red in afternoon session. While Sensex plunged 590 points to 38,876, Nifty lost 202 points to 11,444.

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