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19 April, 2021 02:06 IST
Adani Ports jumps 3% on completion of Dighi Port acquisition
Source: IRIS | 17 Feb, 2021, 02.33PM
Rating: NAN / 5 stars.
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 Shares of Adani Ports and Special Economic Zone, one of the largest private multi-port operators, jumped over 3% on Wednesday after the company completed the acquisition of 100% stake of Dighi Port (DPL) for Rs 7,050 million on Feb. 15, 2021. The company had intimated the commencement of this development to stock exchanges on Mar.6, 2020.

DPL, the 12th port to join APSEZ's string of economic gateways across the eastern and western coast of India would establish the company’s footprint in Maharashtra, the largest contributor to India's GDP. This would enable APSEZ to service customers in Maharashtra which includes the highly industrial areas and development in the Mumbai & Pune regions.

APSEZ plans to invest over Rs 100 billion to develop the port into a multi-cargo port with world class infrastructure as well as investing in the development of rail & road evacuation infrastructure for seamless and efficient cargo movement. The company will strengthen and repair existing infrastructure and invest in development of facilities for dry, container, and liquid cargo.

Karan Adani, CEO and Whole Time Director of APSEZ said, "The successful acquisition of DPL adds another milestone in the Adani Port’s target of creating a string of ports to increase service coverage to the entire economic hinterland of India.With our growth focus, experience, and expertise in turning around acquisitions and we are confident of making DPL value accretive for all our stakeholders. Our investment & capacity augmentation plan will be aligned with policies of the Government of Maharashtra for development of ports, associated infrastructure, industrial and socio-economic development in the state."

Shares of Adani Ports and Special Economic Zone are trading at Rs 657.15, up Rs 20.6, or 3.24% at the Bombay Stock Exchange (BSE) on Wednesday at 1:09 p.m.

The scrip has touched an intra-day high of Rs 670 and low of Rs 647.30. The total volume of shares traded at the BSE is 847,626.

In the earlier session, the shares rose 1.39%, or Rs 8.75, at Rs 636.55.

Currently, the stock is trading all time 52-week high, which is above 223.08% over the 52-week low of Rs 203.40.

 



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