Shares amounting to 0.5 per cent of Adani Ports’ overall equity changed hands at an average price of Rs 1,386 per share. While the buyers in this transaction remains unidentified, a strategic investor is likely the seller, according to a report.
As of the end of the March quarter, the promoters of Adani Ports held a substantial 65.89 per cent stake in the company. Mutual funds owned a 3.1 per cent stake, while India’s largest insurance company, LIC, held a 7.86 per cent stake.
Additionally, GQG Partners has maintained nearly 4 per cent holding in Adani Ports.
Out of the 21 analysts covering Adani Ports, 19 have given a “buy” rating, while the remaining two have recommended a “hold.” Shares of Adani Ports are currently trading 2 per cent lower at Rs 1,413. Despite this dip, the stock has surged 35 per cent so far in 2024 and has recorded a remarkable 96 per cent gain over the last 12 months.
Adani Ports has projected its cargo volumes to range between 460 million tonnes (MT) and 480 MT for the financial year 2025, representing a 23 per cent growth compared to the upper end of the revised guidance of 390 MT for the previous financial year.
