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Adani Ports share rises over 4% as firm to buy 58.1% stake in Gangavaram Port

BusinessToday.In     March 23, 2021

Adani Ports  share rose over 4% today after  the firm said it would buy controlling interest in Gangavaram Port Ltd (GPL) from DVS Raju and family for Rs 3,604 crore taking its stake in GPL to 89.6 per cent. Share of Adani Ports and Special Economic Zone climbed 4.68% to intraday high of Rs 755.35 against previous close of Rs 721.60 on BSE.

Market cap of the firm rose to Rs 1.50 lakh crore. The stock has climbed 9.28% in three days . Adani Ports share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

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

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

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"Adani Ports and Special Economic Zone (APSEZ), India''s largest private ports and logistics company and the flagship transportation arm of the diversified Adani Group, is acquiring the 58.1 per cent stake held by DVS Raju and family in Gangavaram Port Limited (GPL)," the company said.

On March 3 this year, APSEZ had announced acquisition of Warburg Pincus' 31.5 per cent stake in GPL. With the latest acquisition, APSEZ would have 89.6 per cent stake in GPL.

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

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