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Adani Ports share rises over 4% as company to buy 58.1% stake in Gangavaram port – Current Globe News

Adani Ports share rises over 4% as company to buy 58.1% stake in Gangavaram port


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The share of the ports of Adani and the Special Economic Zone rose by 4.68% to the highest daily level of Rs 755.35 compared to the previous closing of Rs 721.60 on BSE

Adani Ports share rises over 4% as company to buy 58.1% stake in Gangavaram port

The Adani Ports share is traded for more than five-day, 20-day, 50-day, 100-day and 200-day moving averages.

Adani Ports ’stake rose over 4% today after the company said it would buy a controlling stake in Gangavaram Port Ltd (GPL) from DVS Raju and family for 3,604 kroner, taking its stake in GPL to 89.6 per cent. The share of the ports of Adani and the Special Economic Zone rose by 4.68% to the highest daily level of Rs 755.35 compared to the previous closing of Rs 721.60 on BSE.

The market capitalization of the company rose to 1.55 lakh bread. The stock rose 9.28% in three days. The Adani Ports stock is traded for more than five-day, 20-day, 50-day, 100-day and 200-day moving averages.

The share has risen by 256% in one year and climbed by 53.1% since the beginning of this year.

Gangavaram Port is located in the northern part of Andhra Pradesh next to Vizag Port.

LIVE Stock Market Updates: Sensex, Nifty Gains Pending; Water IndusInd, HCL Tech, M&M

“Adani Ports and Special Economic Zone (APSEZ), India’s largest private port and logistics company and the leading transport arm of the diversified Adani group, is acquiring a 58.1 percent stake in DVS Raju and its family in Gangavaram Port Limited (GPL),” the company said. .

On March 3 this year, APSEZ announced the acquisition of a 31.5 percent stake in Warburg Pincus in the GPL. With the latest acquisition, APSEZ would have an 89.6 percent stake in the GPL.

Meanwhile, in the afternoon session, Sensex traded 186 points higher at 49,958 and Nifty was 14,796, up 60 points.

News stocks: Future Retail, Mindtree, Piramal, IndusInd Bank, BPCL, RailTel, ONGC

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