 "Adani Ports")
Adani Ports stock rises: India's largest port operator, Adani Ports and Special Economic Zone (APSEZ), shares soared as much as 2.08 per cent to hit an intraday high of Rs 1,381 per share, on Friday.
The uptick in share price came after the company announced that it has secured a Letter of Intent (LoI) for operation and maintenance of container terminal at Kolkata Port ,from Syama Prasad Mookerjee Port Authority, Kolkata (SMPK).
Netaji Subhas dock is the largest container terminal on the eastern coast of India. It handled around 0.63 million twenty-foot equivalent units (TEUs) in FY24.
In an exchange filing, Adani Ports said, “We are pleased to inform you that the company has received a letter of intent for operation and maintenance of the container terminal at Kolkata Port.”
Under the terms of contract, Adani Ports will be responsible for deployment, operation and maintenance of equipment for container handling operations in Kolkata Dock System (KDS), Syama Prasad Mookerjee Port, Kolkata.
Further, the contract agreement is to be signed within 45 days of issuance of LOI/LOA by SMPK, the company said in a statement.
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“The award of the O&M contract for container handling facilities at Netaji Subhas Dock to APSEZ underlines our commitment to develop ports and logistics infrastructure across the country and the potential we see in West Bengal. We will bring our experience of over two decades of efficiently managing various container terminals within India and outside, benefiting customers and the people of the state,” said Ashwani Gupta, whole-time director and CEO of APSEZ.
Set up in 1998, Adani Ports and Special Economic Zone Limited is an Indian multinational port operator and logistics company, part of Adani Group. It is present across 13 domestic ports in seven maritime states of Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
The market capitalisation of Adani Ports is Rs 2,97,008.30 crore, according to BSE.
At 11:54 AM, shares of APSEZ were trading 1.80 per cent higher at Rs 1,377.15 per share. By comparison, BSE sensex was up 1.85 per cent to 76,466.03 levels.
