Adani Ports shares surge nearly 10% post smart Q4 results
Mumbai: Shares of Adani Ports and SEZ on Thursday shot-up by nearly 10 percent in early trade, after the company posted 197 percent increase in consolidated net profit for the fourth quarter ended March, 2013.
Cheering the earnings, shares of the company opened higher and further gained 9.68 percent to Rs 167 -- its 52-week high on the BSE.
At NSE also, the scrip jumped 9.73 percent to a one-year high of Rs 167.35.
Adani Ports and SEZ yesterday reported 197 percent increase in its consolidated net profit at Rs 710.31 crore for the fourth quarter ended March, 2013, on account of one-time gain of Rs 420 crore as it divested its holding in Australia's Abbot Point terminal to promoters.
The Adani group company had reported a net profit of Rs 239.46 crore during the corresponding quarter of 2011-12.
Net sales of the company rose by nearly 42 percent to Rs 965.09 crore during the quarter vis-a-vis Rs 680.32 crore in the same period of the previous fiscal.
In the broader market, the BSE benchmark Sensex was trading at 20,250.57, up 37.61 points in late morning trade.