Adani Ports shares in focus today as board approves raising of funds

Shares of Adani Ports and Special Economic Zone Ltd (APSEZ) are in news today after the Adani Group firm said its board of directors approved raising up to Rs 5,000 crore through a public issuance of non-convertible debentures. The debentures, each with a face value of Rs 1,000, will be issued in one or more tranches, the company said. Separately, the company has elevated CEO Karan Adani to the role of Managing Director, a position which was held by Chairman of Adani group Gautam Adani.

adaniports-share-price-363228?utm_source=topic&utm_medium=topic&utm_campaign=topic">Adani Ports stock climbed 1.39% to Rs 1093.50 on Wednesday against the previous close of Rs 1078.55 on BSE. The stock hit a 52 week high of Rs 1144 on January 3, 2024 and fell to a 52 week low of Rs 394.95 on February 3, 2023

Market cap of the firm climbed to Rs 2.36 lakh crore on BSE. Total 23.82 lakh shares of the firm changed hands amounting to a turnover of Rs 263.83 crore. Adani Ports stock has a one-year beta of 0.3, indicating very low volatility during the period.

Also read: Adani Ports: Adani group firm shares Q3 update; stock jumps 3%

Adani Ports shares have gained 33.23 per cent in one year. In terms of technicals, the relative strength index (RSI) of Adani Ports stands at 72.5, signaling it's trading in the overbought zone. Adani Ports shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

“Further, for the purpose of the Issue, the board of directors of the Company has delegated the powers to Finance Committee to, among other things, approve, implement and carry out activities in connection with the Issue,” said the firm on Wednesday.

Adani Ports & Special Economic Zone reported a 27.6% rise in its revenue to Rs 6,646.4 crore in Q2 compared to Rs 5,210.8 crore last year. Operating profit or EBITDA climbed 35% from last year to Rs 4,053 crore, while net profit grew by 4.2% to Rs 1,747.8 crore.

Also read: Sensex jumps over 300 points, Nifty tops 21,600; Torrent Power, Adani Total Gas surge up to 6%