Adani Ports shares in focus on suspension of vessel operations at Mundra and Tuna port

Shares of Adani Ports & SEZ shares will be in focus on Tuesday morning after the Adani group company told stock exchanges that it has suspended its vessel operations at Mundra and Tuna port on Monday. The suspension of vessel operations was being done in view of an advisory issued by India Metrological Department on expected cyclone storm “Biparjoy", the company told stock exchanges post market hours.

Shares of Adani Ports settled the day at Rs 742.25 on BSE. The stock is up 7 per cent in the last one month but has fallen 10 per cent in 2023 so far.

As per reports, the cyclonic storm Biparjoy is likely to cross parts of the Gujarat coast on June 15 as a “very severe cyclonic storm”. The Indian Meteorological Department said that cyclone Biparjoy is very likely to move nearly northward till the morning of June 14 and later move north-north eastwards and cross Saurashtra and Kutch and adjoining Pakistani coasts between Gujarat’s Mandvi and Pakistan’s Karachi around June 15 noon.

"It is very likely to move nearly northward till the morning of June 14, then move north-north eastwards and cross Saurashtra and Kutch and adjoining Pakistan coasts between Mandvi (Gujarat) and Karachi (Pakistan) around noon of June 15 as a very severe cyclonic storm with a maximum sustained wind speed of 125-135 kmph gusting to 150 kmph," the weather office said.

Meanwhile, the weather department also predicted rain showers across parts of northwest India, northeast India, east India, west India and south India during the next 5 days. Here’s the list of regions to be impacted by rainfall, hailstorms, thunderstorms, and thunderstorms with squall.