Adani ports suffers due to Oil price wars

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Adani Ports and Special Economic Zone Ltd is India’s largest private multi-port operator which was earlier known as Mudra Port and Special Economic Zone Ltd.The company currently operates 10 ports in India including 14 terminals across the states. The company after facing a downfall in their YoY profit to Rs 1,384, the share price of the company also dropped during the particular day. Even though the company’s operating revenue boosted to 3,336 crore which indicates an increase of 18% from the previous consolidated profit, but the trend of fall in share price of the India’s largest commercial port operator continues.
The company’s stock is one the affected stocks due to the crude oil price crash after Saudi Arabia and Russia engaged in a price war. The Adani group consisting of Adani Ports, Adani Transmissions, Adani Gas, Adani Power, Adani Enterprises and Adani Green have been facing a decline in their share prices over the last two months as the economic activity has been very minimal due to the slowdown and the widespread of the Coronavirus which has caused a disruption in the global markets.
The Ichimoku cloud indicator which depicts the continuity of bearish trend for the stock as the oil prices are declining along with the demand for the commodity due to the oil price war. The formation of a green cloud for a shorter period of time was formed due to the dividend distributed to its shareholders during 13th March 2020. The company has raised Rs.125 crore through the issuance of Non-convertible debentures of Rs.10,00,000 each which can be utilized for the operations of the business.
 
 

The Pandemic outbreak of COVID-19 has resulted in a 3-week lockdown in the country which has restricted the operations of Educational institutions, Malls, Public parks, Offices etc., that has resulted in the downfall of the economy. Adani Ports have declared force majeure at its facilities in Mundra, Tuna and Dhamra due to the lockdown in the country which states that the port wouldn’t be responsible for any claims, damages, charges etc.., connected out of Force Majeure event. The Bolinger band graph shows the downward trend of the stock but the candlesticks formed are moving toward the upper band with less volatility along the bearish trend.  

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