अदानी पोर्ट्स ने 'फिलीपींस विस्तार' रिपोर्ट पर स्पष्टीकरण दिया; स्टॉक 1% नीचे

अदानी पोर्ट्स ने 'फिलीपींस विस्तार' रिपोर्ट पर स्पष्टीकरण दिया; स्टॉक 1% नीचे

Adani Ports clarifies on 'Philippines expansion' report; stock down 1%

Adani Ports clarifies expansion plans amid news on Philippines move.

  • Business
  • 172
  • 08, May, 2024
Jyoti Ahlawat
Jyoti Ahlawat
  • @JyotiAhlawat

Adani Ports clarifies on 'Philippines expansion' report; stock down 1%

Adani Ports and Special Economic Zone Ltd issued a statement today in response to a news article titled "Adani Ports Special Economic Zone eyes Bataan for expansion into the Philippines." The company clarified that it consistently explores growth opportunities to enhance stakeholder value. As part of this ongoing process, the management engages in discussions with various parties. Importantly, all relevant information has been disclosed to the stock exchanges, addressing recent queries from the BSE.

The stock of Adani Ports saw a slight decline of 0.87% in early trading, reaching a day's low of Rs 1,276.05. Despite this, the stock has witnessed a 23% increase so far this year, outpacing the Nifty50's rise of 2.3%.

The company, India's largest private port operator, reported a significant 76% increase in its fourth-quarter (Q4 FY24) profit, attributed to record cargo volumes. Consolidated net profit surged to Rs 2,040 crore in the quarter ended March 31, 2024, compared to Rs 1,158 crore in the previous year. This performance was supported by the highest-ever quarterly volumes of 109 million metric tonnes (MMT) during January-March, leading to a 19% revenue growth to Rs 6,897 crore as business activities gained momentum in 2024.

Adani Ports manages 13 ports and terminals across India, including Mundra, Gujarat, which hosts the country's largest container-handling port.

In March, the company announced its intention to acquire 95% of Odisha's Gopalpur Port, further expanding its presence along the east coast.

News Reference

Jyoti Ahlawat

Jyoti Ahlawat

  • @JyotiAhlawat