Adani Ports stock gains 3% on incorporation of new subsidiary

Adani Ports stock climbed over 3 per cent today after the Adani Group firm said it has incorporated a wholly owned subsidiary named HDC Bulk Terminal Limited. The subsidiary was incorporated on March 7, 2022. The stock touched an intraday high of Rs 709.5, rising 3.08 per cent on BSE. Market cap of the firm rose to Rs 1.44 lakh crore.

The large cap share trades higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages. The share has lost 6 per cent in one year and fallen 3.38 per cent in 2022.

"HDC Bulk Terminal has been incorporated as a wholly owned subsidiary of the company for carrying out the project i.e. mechanization of Berth No 2 on Design, Build, Finance, Operate, Transfer (DBFOT) basis at Haldia Dock Complex Syama Prasad Mookerjee Port, Kolkata. Cost of acquisition is Rs 5 lakh (50,000 Equity Shares of Rs 10 each)," said Adani Ports in a release.

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In a separate development, the nation's largest oil firm Indian Oil Corporation (IOC) will build nine more storage tanks to stock additional 10 million tonnes of crude oil at Adani group-operated Mundra port in Gujarat.

"Adani Ports and Special Economic Zone (APSEZ) has signed an agreement with IOC towards augmentation of IOC's crude oil volumes at Mundra," the Adani group firm said.

IOC will expand its existing crude oil tank farm at APSEZ's Mundra Port, thus enabling it to handle and blend additional 10 million tonnes of crude oil at Mundra.

Shares of Indian Oil rose marginally to Rs 118.95 intraday against the previous close of Rs 117.05.

In the afternoon session, the stock fell 0.73 per cent to Rs 116.20 on BSE. The stock trades higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages. Market cap of the firm stood at Rs 1.09 lakh crore in the afternoon session.