Tuesday, Nov 29, 2011
Mundra Port and Special Economic Zone rose 2.77% at Rs. 129.75 at 11:06 IST after the company said that its West Basin bulk coal handling terminal has delivered a record 62,718 tonnes a day coal to Adani Power's plant located adjacent to the port.
The announcement was made after market hours on Monday, 28 November 2011.
Meanwhile, the BSE Sensex was down 46.46 points, or 0.29%, to 16,120.67.
On BSE, 1.13 lakh shares were traded in the counter as against an average daily volume of 2.12 lakh shares in the past one quarter.
The stock hit a high of Rs. 130.55 and a low of Rs. 125.30 so far during the day. The stock had hit a 52-week low of Rs. 115.25 on 25 November 2011. The stock had hit a 52-week high of Rs. 169.75 on 28 October 2011.
The stock had underperformed the market over the past one month until 28 November 2011, sliding 22.50% compared with the Sensex's 9.20% decline. The scrip had also underperformed the market in past one quarter, falling 9.95% as against 2.01% rise in the Sensex.
The large-cap private port and special economic zone has an equity capital of Rs. 400.68 crore. Face value per share is Rs. 2.
This large tranche of coal was delivered through a world class high speed conveyor belt at a speed of 6,000 tonnes per hour. The belt runs across 20 kilometre from the port to the power plant, a statement by Mundra Port and Special Economic Zone (MPSEZ) said.
Adani Power, one of the country's largest private thermal power producers, is setting up a 4,620 megawatts (MW) power plant in Mundra, Gujarat while Tata Power is constructing a 4,000 MW ultra mega power project at the same location.
“The accomplishment of import and time-bound delivery of first such large tranche of coal establishes MPSEZ's prowess in developing world-class port infrastructure in India and abroad. The feat could be achieved by better planning skills, state-of-the-art Mundra Port and Special Economic Zone Limited mechanization and dedication of the port operator, displaying its leadership position in the port infrastructure sector,” said Dr. Malay Mahadevia, Whole Time Director at MPSEZ.
The West Basin is Asia's largest coal import terminal and has been set up to primarily cater to supply imported coal to the power plants in the region. It can handle capsize vessels up to 250,000 deadweight tonnes (DWT) and will have draft of 19.5 meters when fully developed.
Mundra Port is expanding the West Basin terminal and construction for the fourth berth is going on in full swing. The company is also investing heavily in augmentation of the material handling system to cater to additional volumes of imported coal for power plants in the vast North West Indian hinterland.
Last month, Mundra Port also commenced double stack container trains to help control transportation costs. The trains are running from Mundra Port to Patli near Gurgaon, Haryana, thus connected Northern India to the west.
Net profit of MPSEZ rose 29.17% to Rs. 273.42 crore on 44.20% rise in net sales to Rs. 587.76 crore in Q2 September 2011 over Q2 September 2010.
Mundra Port provides cargo handling and other value-added port services. Mundra SEZ is India's first port-based multi-product special economic zone.
Sourced IIFL
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