Adani Ports shares in news today as Adani Group firm forms aircraft leasing subsidiary

Shares of Adani Ports and Special Economic Zone Ltd (APSEZ) shares are in news today after the Adani Group firm said it has incorporated a wholly owned aircraft leasing unit, Udanvat Leasing IFSC Ltd. The entity will have an authorised and paid-up share capital of Rs 2.5 crore. Udanvat has been incorporated with the objective of carrying out business activity of owning and leasing of aircraft, the company said.

In the current session, the Adani Ports stock climbed over 1% to Rs 781.30 against the previous close of Rs 771.10 on BSE. Adani Ports shares have slipped 2.39 per cent in one year and fallen 5 per cent since the beginning of this year. Market cap of the firm climbed to Rs 1.68 lakh crore on BSE. Total 3044 shares of the firm changed hands amounting to a turnover of Rs 23.64 lakh. Adani Ports stock has a one-year beta of 2, indicating very high volatility during the period.

In terms of technicals, the relative strength index (RSI) of Adani Ports stands at 33.9, signaling it's trading neither in the overbought nor in the oversold zone. Adani Ports shares are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day moving averages but higher than 150 day and 200 day moving averages.

Adani Ports will hold 100% stake in the firm. The cost of acquisition is Rs 2,50,00,000 divided into 25,00,000 equity shares of Rs 10 each.

Udanvat was incorporated in GIFT city, Gandhinagar, Gujarat, India and registered with Registrar of Companies, Gujarat at Ahmedabad on October 23, 2023

Adani Ports logged a consolidated net profit of Rs 2,115 crore in the June 2023 quarter, rising 83% compared with Rs 1,158 crore in the same quarter last year. Revenue from operations climbed 24% year-on-year (YoY) to Rs 6,248 crore in Q1 of this fiscal against Rs 5,058 crore in the corresponding quarter last year.

In the last fiscal, sales zoomed 21.81% to Rs 20,851 crore against sales of Rs 17,118 crore in the previous fiscal. Net profit climbed 8.68% to Rs 5310 crore in FY23 against Rs 4886 crore in the previous fiscal. Operating profit rose 15% to Rs 10,947 crore for the March 2023 fiscal against Rs 9524 crore in the previous fiscal.

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