Adani Ports stock jumps after announcement of stake buy in Gangavaram Port

NEW DELHI: Shares of and Special Economic Zone rallied over 2 per cent in morning trade on Thursday after the company said it is acquiring 31.5 per cent stake in Gangavaram Port Ltd for Rs 1,954 crore. The shares of Adani Ports and Special Economic Zone (APSEZ) surged 2.78 per cent to touch an early high of Rs 749.85 on BSE. The stock was later trading at Rs 745.70, up 2.21 per cent.

The stock defied the weak broader market sentiment in NSE as well and opened on a positive note at Rs 733.25, then touched an intra-day high of Rs 749.90. It was later trading at Rs 745.35, up 2.12 per cent over its previous close.

APSEZ on Wednesday said it is acquiring Windy Lakeside Investment's 31.5 per cent stake in Gangavaram Port Ltd for Rs 1,954 crore.

The company also looks to acquire another 58.1 per cent share in GPL, APSEZ said.

Gangavaram Port Ltd (GPL) is located in the northern part of Andhra Pradesh next to Vizag Port in Visakhapatnam.

According to the statement, GPL is the second largest non major port in Andhra Pradesh with a 64 MMT (metric million tonne) capacity established under concession from Government of Andhra Pradesh (GoAP) that extends till 2059.