Adani Ports shares in focus as board to consider NCD issue on Wednesday, January 3
Adani Ports maintained its dominant position in the Indian ports industry with operations across 14 ports, handling around 23.5 per cent of the country’s total cargo volumes in FY23. Adani Ports shares in focus as board to consider NCD issue on Wednesday, January 3
Shares of Adani Ports & Special Economic Zone Ltd (Adani Ports) will be in focus on Wednesday morning after the Adani group firm said its board would meet on Wednesday, January 3, to consider and approve a proposal to issue non-convertible debentures by way of public offering, preferential allotment and/or combination thereof as may be considered appropriate, or any other eligible securities, subject to regulatory or statutory approvals, as may be required.
In a filing to BSE, Adani Ports said: “Pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, we wish to inform you that the Trading Window for dealing in securities of the Company shall remain closed with effect from 27th December, 2023 till 48 hours after the announcement of the Unaudited Financial Results of the Company for the quarter and nine months ended 31st December, 2023.”
In another development, India Ratings and Research (Ind-Ra) affirmed Adani Ports’ long-term issuer rating at ‘IND AA+’. It assigned Adani Ports’ additional NCDs ‘IND AA+’/Stable.
Adani Ports, India Ratings said, maintained its dominant position in the Indian ports industry with operations across 14 ports, handling around 23.5 per cent of the country’s total cargo volumes in FY23 (FY22: 23.7 per cent). Furthermore, most ports in Adani Ports’ portfolio have the flexibility to fix their own tariffs, which are generally higher than other competing ports, in consultation with the state maritime boards.
“Additionally, connectivity with the direct freight corridor would help Adani Ports to benefit from the likely structural growth in India’s EXIM trade,” India Ratings said.
India Ratings said it takes comfort from the strong cash flow generation and limited reliance on external funding to achieve revenue growth, to mitigate the governance risk. It, however, remains as a constraint and any significant impact due to regulatory developments which inhibits its financial flexibility could impact the ratings negatively, India Ratings said.
Adani Ports shares are up 25 per cent in 2023 so far. The stock is up 26 per cent in the last one year.
With Thanks Reference to: https://www.businesstoday.in/markets/company-stock/story/adani-ports-shares-in-focus-as-board-to-consider-ncd-issue-on-wednesday-january-3-410865-2023-12-27
