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Essar Ports surges on plan to ink pact with Mozambique authorities

03 Feb 2012 Evaluate

Essar Ports is currently trading at Rs. 67.60, up by 1.80 points or 2.74% from its previous closing of Rs. 65.80 on the BSE.

The scrip opened at Rs. 69.00 and has touched a high and low of Rs. 69.00 and Rs. 66.40 respectively. So far 77126 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 125.00 on 01-Jun-2011 and a 52 week low of Rs. 46.90 on 20-Dec-2011.

Last one week high and low of the scrip stood at Rs. 69.20 and Rs. 57.05 respectively. The current market cap of the company is Rs. 2803.41 crore.

The promoters holding in the company stood at 83.71% while Institutions and Non-Institutions held 8.41% and 7.89% respectively. 

Essar Ports, the second largest private port operator in India, is in talks with Mozambique authorities for signing a concession agreement with the Mozambique administration for development of a port there in the next six months.

The company plans to set up a 30-40-million tonnes port in Mozambique, which will be its first overseas project. The port will be handling iron ore for one of its affiliates and coal for third-party customers.

Essar Ports reported 45% increase in its net profit for the third quarter of this fiscal at Rs 44.81 crore against at Rs 276.78 crore, beating the recessionary trends in the global shipping markets. Average realization per tonne improved 28 per cent to Rs. 237 this fiscal from Rs 185.

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