Adani Group stock engaged in the business of developing, operating, and maintaining port infrastructure and providing port services related to it jumped 2 percent in the day’s trade upon receiving a letter of intent to operate a port in Kolkata.
With a market capitalization of Rs. 2,95,874 Crores, the shares of Adani Ports and Special Economic Zone Limited were trading at Rs. 1,369.70, up 1.25 percent from its previous day’s close price of Rs. 1,352.80.
Adani Ports and Special Economic Zone Limited (APSEZ) has received a Letter of Intent from Syama Prasad Mookerjee Port Authority, Kolkata through a competitive bidding process, for the operation and maintenance (O&M) of the container facility at the Netaji Subhas Dock.
It includes Deployment, Operation, and Maintaining equipment for container handling operations in the Kolkata Dock System (KDS), Syama Prasad Mookerjee Port, Kolkata for 5 years
Netaji Subhas Dock is the largest container terminal on the eastern coast of India. It handled around 0.63 million TEUs in FY2023-24, serving a vast hinterland encompassing West Bengal, Bihar, Uttar Pradesh, Jharkhand, Assam, the northeastern hill states, and the landlocked neighbouring countries of Nepal and Bhutan.
The Kolkata port is the nominated port for the Indo-Bangladesh Protocol on Inland Water Transit and Trade route and Netaji Subhas Dock has regular liner service calls from the hub ports of Singapore, Port Kelang, and Colombo.
The presence of APSEZ at the dock is likely to improve connectivity between the terminal and its container ports, particularly with the transshipment hubs at Vizhinjam and Colombo that are targeted for commissioning during the year.
Mr. Ashwani Gupta, full-time director and CEO, of APSEZ, said, “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.
We will bring our experience of over two decades of efficiently managing various container terminals within India and outside, benefiting customers and the people of the state.”
Adani Ports & Special Economic Zone Limited is engaged in the business of developing, operating, and maintaining port infrastructure and providing port services related to it. It is India’s largest private port player and operates India’s largest port called the Mundra Port.
Adani Ports & Special Economic Zone Limited operates 15 ports across the country with a capacity of approximately 627 MMT. It also operates Israel’s largest port, Haifa Port along with O&M contracts in Australia and Tanzania and building a container terminal in Colombo, Sri Lanka.
GQG Partners holds a 1.81 percent stake in the company consisting of 6.99 Crore equity shares. They took fresh entry into the company in the September 2023 Quarter by purchasing a 1.28 percent stake consisting of 4.93 Crore equity shares.
Its revenue from operations grew by 20.51 percent from Rs. 5,797 Crores in Q4FY23 to Rs. 6,896 Crores in Q4FY24, accompanied by profits of Rs. 1,139 Crores to Rs. 2,015 Crores.
Written by: Bharath K.S
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