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June 7, 2024

Adani Ports’ Stock Surges 2% After Securing Kolkata Port Terminal Contract

India’s largest port operator, Adani Ports and Special Economic Zone (APSEZ), witnessed a remarkable surge in its stock price, soaring by 2.08% to reach an intraday high of Rs 1,381 per share on Friday. This impressive uptick came hot on the heels of the company’s announcement of securing a Letter of Intent (LoI) for the operation and maintenance of a container terminal at Kolkata Port from the Syama Prasad Mookerjee Port Authority, Kolkata (SMPK).

In an exchange filing, Adani Ports stated, “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 the contract, Adani Ports will assume responsibility for the deployment, operation, and maintenance of equipment for container handling operations in Kolkata Dock System (KDS), Syama Prasad Mookerjee Port, Kolkata.

The company revealed that the contract agreement is slated to be signed within 45 days of the issuance of LOI/LOA by SMPK. Ashwani Gupta, the whole-time director and CEO of APSEZ, expressed enthusiasm, stating, “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.”

Adani Ports and Special Economic Zone Limited, established in 1998, stands as an Indian multinational port operator and logistics company, forming a vital part of the Adani Group. It currently operates across 13 domestic ports in seven maritime states of Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu, and Odisha, contributing significantly to the nation’s maritime trade.

As per BSE data, the market capitalization of Adani Ports stands at Rs 2,97,008.30 crore, reflecting its robust performance and market position. At 11:54 AM, shares of APSEZ were trading 1.80% higher at Rs 1,377.15 per share, showcasing the investor confidence in the company’s strategic endeavors and growth prospects.

Adani Ports’ success in securing the Kolkata port terminal contract not only underscores its operational excellence but also highlights its pivotal role in bolstering India’s maritime infrastructure, paving the way for enhanced trade and economic development in the region.

Read more Business related news on R9 News
Jhumpa Lahiri

Jhumpa Lahiri

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