 "Adani Ports rises for second straight day; stock up 26% from Monday's low")
Shares of Adani Ports and Special Economic Zone (APSEZ) were trading higher for a second straight day with a gain of 6 per cent at Rs 529.35 on the BSE in Monday’s intra-day trade. The stock of the Gautam Adani group company has bounced 26 per cent from its last Monday’s low of Rs 394.95.
At 02:18 PM; APSEZ was quoting 5 per cent higher at Rs 523.40. In comparison, the S&P BSE Sensex was down 0.48 per cent at 60,551.
Since, January 24, that is over the past seven trading days, the stock tanked 48 per cent from a level of Rs 760.85. All 10 listed Adani group companies saw a sharp sell-off after US-based investment research firm, Hindenburg Research, alleged that the Adani group had engaged in "a brazen stock manipulation and accounting fraud scheme". It also accused the conglomerate of improper use of offshore tax havens, and flagged concerns about the group’s high debt. Adani has denied the short seller's allegations. CLICK HERE FOR RELEASE
APSEZ is the largest port developer and operator in India with 6 strategically located ports and terminals on the West coast the East coast of India representing 24 per cent of the country's total port capacity, thus providing capabilities to handle vast amounts of cargo from both coastal areas and the hinterland. The company is also developing two transshipment ports at Vizhinjam, Kerala and Colombo, Sri Lanka.
Global rating agency Standard and Poor’s (S&P) on Friday revised the outlook on APSEZ and Adani Electricity from ‘stable’ to ‘negative’. This follows the risk of a deterioration in the credit profile to two entities due to governance risks and funding challenges for the larger Adani Group.
On the other hand, rating outfit Fitch Ratings says there will be no immediate impact on the ratings it has assigned to Adani entities and their securities following a “short-seller report” alleging malpractices at the group. CLICK HERE FOR FULL REPORT
Meanwhile, the board of directors of APSEZ is scheduled to meet on tomorrow, February 7, 2023 to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2022.
At 02:18 PM; APSEZ was quoting 5 per cent higher at Rs 523.40. In comparison, the S&P BSE Sensex was down 0.48 per cent at 60,551.
Since, January 24, that is over the past seven trading days, the stock tanked 48 per cent from a level of Rs 760.85. All 10 listed Adani group companies saw a sharp sell-off after US-based investment research firm, Hindenburg Research, alleged that the Adani group had engaged in "a brazen stock manipulation and accounting fraud scheme". It also accused the conglomerate of improper use of offshore tax havens, and flagged concerns about the group’s high debt. Adani has denied the short seller's allegations. CLICK HERE FOR RELEASE
APSEZ is the largest port developer and operator in India with 6 strategically located ports and terminals on the West coast the East coast of India representing 24 per cent of the country's total port capacity, thus providing capabilities to handle vast amounts of cargo from both coastal areas and the hinterland. The company is also developing two transshipment ports at Vizhinjam, Kerala and Colombo, Sri Lanka.
Global rating agency Standard and Poor’s (S&P) on Friday revised the outlook on APSEZ and Adani Electricity from ‘stable’ to ‘negative’. This follows the risk of a deterioration in the credit profile to two entities due to governance risks and funding challenges for the larger Adani Group.
On the other hand, rating outfit Fitch Ratings says there will be no immediate impact on the ratings it has assigned to Adani entities and their securities following a “short-seller report” alleging malpractices at the group. CLICK HERE FOR FULL REPORT
Meanwhile, the board of directors of APSEZ is scheduled to meet on tomorrow, February 7, 2023 to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2022.
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