Wednesday, April 17, 2024
HomeNewsAdani's shares surge after a news, rush to buy

Adani’s shares surge after a news, rush to buy

  • Adani group stocks: Shares of Adani Ports opened at Rs 1281.60 this morning and reached Rs 1308 in no time. Around 10.15 am it was trading at Rs 1299. In the last six months, this share of Adani has given excellent returns of about 58% to its investors.

Adani Ports Share Price: Shares of Adani Group company Adani Ports are showing a rise today. The reason behind this surge is the news that Pallonji Group on Tuesday announced the sale of brownfield Gopalpur port to Adani Ports and SEZ Limited for Rs 3,350 crore. The under-construction Gopalpur port in Odisha was acquired by SP Group in 2017. Presently it is capable of handling 20 MTPA.

Shares of Adani Ports opened at Rs 1281.60 this morning and quickly reached Rs 1308. Around 10.15 am it was trading at Rs 1299. In the last six months, this share of Adani has given excellent returns of about 58% to its investors. In one year it has more than doubled its investors’ money. Its 52 week high is Rs 1356.55 and low is Rs 571.55.

SP Group said in a statement that the port has recently signed a contract with Petronet LNG to set up a greenfield LNG regasification terminal. The sale of Gopalpur port is SP Group’s second port disinvestment in the last few months.

Shapoorji Pallonji Group spokesperson said, “The planned disinvestment of Gopalpur Port and Dharamtar Port at significant enterprise value reflects our group’s ability to transform assets and create stakeholder value in a relatively short period of time.” There are several steps to consider. The group is speculated to have a debt of around Rs 20,000 crore.

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own and not those of Live Hindustan. The information given here is only about the performance of the shares and is not an investment advice. Investing in the stock market is subject to risks and Consult your advisor before investing.)

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