Adani Group company Mundra Port and Special Economic Zone (Mundra Port) is a buzzing counter at the stock market these days; the stock has outperformed the market by a huge margin during the last one month.
Even after paring some of the gains of the last two trading sessions, the only listed private port in the country showed a gain of close to 30 per cent compared with the major BSE indices, which gained just over 7 per cent in the last one month.
According to brokers, the plan for an IPO by the group company Adani Power has been influencing the Adani group scrips. Another listed company of the group Adani Enterprises too has gone up by over 20 per cent in the past one month.
In the recent past, the Mundra Port also signed an agreement with domestic auto major Maruti Suzuki for a mega car terminal for exports of cars. This car terminal is expected to be operational by December 2008.
Expectation of good results from the company for the fourth quarter also seems to have kept the counter abuzz. The company is yet to announce its results for the quarter. Last year,
Mundra Port’s IPO attracted huge investor interest and it was subscribed 116 times. On top of that the issue listed at a premium of 75 per cent to its offer price at Rs 770.
The only listed pure-play port operating company is also profiting from the positive rub off from news of listing plans for the South-based Ennore Port. There is talk of Ennore Port Ltd, the only corporatised port under the Government’s jurisdiction, mulling an initial public offering to raise about Rs 800 crore for improving its facilities.
High-beta stock
During the period that the Mundra Port scrip rose by 30 per cent, the Sensex gained by 7.41 per cent, BSE 100 by 7.13 per cent, BSE 200 by 7.16 per cent, and BSE 500 by 7.05 per cent. The Mundra Port stock closed flat at Rs 788.80 on Wednesday on the BSE, down 0.45 per cent. After its listing last November, Mundra Port has remained a high-beta stock.
The stock touched an all-time high of Rs 1,324 on January 2 and a low of Rs 463 on March 24; this must be viewed against its issue price of Rs 440 in November 2007.
Even after paring some of the gains of the last two trading sessions, the only listed private port in the country showed a gain of close to 30 per cent compared with the major BSE indices, which gained just over 7 per cent in the last one month.
According to brokers, the plan for an IPO by the group company Adani Power has been influencing the Adani group scrips. Another listed company of the group Adani Enterprises too has gone up by over 20 per cent in the past one month.
In the recent past, the Mundra Port also signed an agreement with domestic auto major Maruti Suzuki for a mega car terminal for exports of cars. This car terminal is expected to be operational by December 2008.
Expectation of good results from the company for the fourth quarter also seems to have kept the counter abuzz. The company is yet to announce its results for the quarter. Last year,
Mundra Port’s IPO attracted huge investor interest and it was subscribed 116 times. On top of that the issue listed at a premium of 75 per cent to its offer price at Rs 770.
The only listed pure-play port operating company is also profiting from the positive rub off from news of listing plans for the South-based Ennore Port. There is talk of Ennore Port Ltd, the only corporatised port under the Government’s jurisdiction, mulling an initial public offering to raise about Rs 800 crore for improving its facilities.
High-beta stock
During the period that the Mundra Port scrip rose by 30 per cent, the Sensex gained by 7.41 per cent, BSE 100 by 7.13 per cent, BSE 200 by 7.16 per cent, and BSE 500 by 7.05 per cent. The Mundra Port stock closed flat at Rs 788.80 on Wednesday on the BSE, down 0.45 per cent. After its listing last November, Mundra Port has remained a high-beta stock.
The stock touched an all-time high of Rs 1,324 on January 2 and a low of Rs 463 on March 24; this must be viewed against its issue price of Rs 440 in November 2007.