Adani Ports shares hit a 52-week high on buying stakes by Windy Lakeside:
Adani Ports: It is one of the largest multi-port operator companies in India located in Ahmedabad, Gujarat. While the company works under the subsidiary of Adani Group, which is an integrated infrastructure corporation. Initially, the company was also known as Mundra Port and Special Economic Zone Limited and later it changed into Adani Ports SEZ Limited. The companies operate at Mundra Port and currently operate 10 ports across India, which consists of 45 berths and 14 terminals across 6 states. The present Chairman & Managing Director of the company is Gautam Adani.
Meanwhile, on Monday, March 8th, the shares of the company hit a 52-week high of Rs. 768.40 in the early trade of the stock market. The main reason for this is the company board approved the issue of equity shares worth Rs. 800 crores via preferential allotment to Windy Lakeside Investment.
Moreover, the company board approved the issuance of almost 1 crore equity shares with a face value of Rs. 2 per share to Windy Lakeside Investment on preferential issues. The company also fixed its floor price of Rs. 800 per equity share totaling Rs. 800 crores. However, the decision will be subject to the regulatory and shareholders approvals, said the company in filing.
Besides, the company will approve the issuance of equity shares in upcoming meetings. The companies extraordinary general meeting will be held on April 6th, 2021 for approving the issuance of equity shares on Preferential issues.
On the other side, the fundraise will help for the future acquisition of CONCOR company in future.
Brokerage firm on Adani Ports:
Whereas the Morgan Stanley global research firm maintained an Overweight call on the stock with a target price of Rs. 730 per equity share. The allotment of almost 0.50% equity shares at a premium to the current price. While the transaction is mainly in the context of Gangavaram Port acquisition from the PE investor.
On Thursday, March 4th, Adani Ports SEZ decided to acquire 31.50% stakes in Gangavaram Ports (GPL) from Windy Lakeside Investment, a subsidiary of Warburg Pincus. Whereas the company will acquire almost 16.30 crore equity shares i.e., (31.50%) for Rs. 120 per each. However, the total acquisition cost stood at Rs. 1,954 crores.
However, the shares of Adani Ports SEZ Limited reported a bearish trend in the stock market on Monday. It lost 0.55 points with a 0.07% decrease and reached 748.40 INR. While in BSE, the company lost 0.05 points with a 0.01% decrease and reached 748.50 INR.
Stock Market on March 8th:
On Monday, both Sensex and Nifty reported a bullish trend in the stock market after bearish reports in the last two sessions of the market. The Sensex is trading above 50,400 levels and nifty trading above 14,950 levels in the stock market. The Sensex gained 35.75 points with a 0.071% increase and reached 50,441.07 levels. While the nifty gained 18.10 points with a 0.12% increase and reached 14,956.20 levels.
On the other side, the number of coronavirus cases in India on Monday, March 8th reached 1,12,29,398 with almost 1,57,853 deaths.
In the border markets, the S&P BSE SmallCap index reported a bullish trend in the stock market on Monday. It gained 131.18 points with a 0.63% increase and reached 21,067.20 levels. Whereas the S&P BSE MidCap gained 61.64 points with a 0.30% increase and reached a 20,649.44 level. But, the Nifty Bank gained 47.60 points with a 0.14% increase and reached 35,275.75 level.
Top Gainers on March 8th: UPL, GAIL India, Larsen & Toubro, ONGC, and SBI Life Insurance are the top gainers in today’s stock market.
Top Losers on March 8th: Shree Cements, Bajaj Finance, UltraTech Cement, IndusInd Bank, and Bajaj Auto are the top losers in today’s stock market.