Adani Ports and Special Economic Zone’s (Adani Ports) shares made a quick rebound from the early day cuts and rallied as much as 11 per cent from the day’s low. The company is scheduled to announce its earnings for the period on December 31, 2022 on Tuesday, February 7.
The company board of Adani Ports would meet on February 7, 2023, to consider and approve the financial results for the quarter and nine months that ended on December 31, 2022, the company stated in an exchange filing earlier this month.
Adani Ports’ shares jumped 11 per cent to Rs 529.15 on Tuesday from a day’s low of Rs 476.95. Compared to its previous close at Rs 498.85 on Friday, the stock rose 6 per cent. In just two sessions, the stock has recouped more than 34 per cent from its 52-week low at Rs 394.95 on Friday (February 3).
Akin to other group companies, shares of Adani Ports have also been hammered hard after the Hindenburg Research’s report. The stock has halved the investors’ wealth from its 52-week high at Rs 987.90. The stock is down 36 per cent in the current calendar year so far, commanding a market cap (m-cap) of 1.15 lakh crore.
Adani Ports, India’s largest port service provider, said that its volumes in January rose more than 11 per cent year-on-year (YoY) to 27.6 million metric tonnes. For April 2022 to January 2023 period, the company recorded an 8 per cent YoY growth at 280.5 million metric tonnes.
Earlier this month, Adani Ports said it has successfully concluded the acquisition of Oiltanking India GmbH’s 49.38 per cent equity stake in Indian Oiltanking (IOTL).
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