Adani Ports Gets A Rating Upgrade From ICRA
Ratings agency ICRA has upgraded the rating of Adani Ports and Special Economic Zone (APSEZ) to AAA/Stable from AA+/Stable. The company’s long-term fund based/non-fund based facilities, non-convertible debentures (NCDs) and commercial papers have been upgraded to AAA/Stable. APSEZ announced the development after market hours and the Adani Ports shares on July 18 ended at Rs 1,491.95 on the NSE, down by Rs 7.10 or 0.47%.
The company planned to ramp up its investment to Rs 100 billion ($1.2 billion) to boost its southern India trans-shipment container port. Citing people with knowledge of the matter, the report said the company is looking to lure some of the world’s largest ships.
The investment in the first-of-its-kind Vizhinjam port in Kerala is part of the second phase of the project that is expected to finish by 2028, the report said, quoting people familiar with the Adani Group’s plans who did not want to be identified as the details are not announced.
The port, which is located near the southernmost tip of India, close to the international shipping routes and has deepest shipping channels, is set to receive the first container vessel from Maersk on July 12 as part of a trial run in the 800-meter container berth. Adani Ports reported a 77% year-on-year (YoY) jump in its consolidated net profit to Rs 2,014.77 crore. The profit stood at Rs 1,139.07 crore in the year-ago period. The revenue from operations for the said quarter grew 19% YoY to Rs 6,896.50 crore from Rs 5,796.85 crore.
The board of India’s largest port operator recommended a dividend of Rs 6 per share. The company delivered 3X the India cargo growth rate and a record volume of 420 MMT for financial year 2023-2024, registering a volume growth of 24% on a YoY basis, the company filing to the exchanges claimed. APSEZ’s FY24 net profit jumped 50% YoY while the revenue grew by 28% YoY to reach a record Rs 26,711 crore. The earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 44% YoY to Rs 15,751 crore.
The world is entering a new technological era — one where quantum computing, quantum communication…
The World Meteorological Organization (WMO) has issued its latest ENSO (El Niño–Southern Oscillation) Update, predicting…
Marking its 25th anniversary, IFFCO-TOKIO General Insurance Company (GIC) announced a new initiative aimed at…
New York-based AI company Runway has launched Gen-4.5, its most advanced text-to-video generation model to…
Following good monsoon rains, migratory birds like storks, pelicans, painted storks, and bar-headed geese have…
With rising crime complexity and new legal mandates requiring forensic evidence, India is strengthening its…