Adani Ports share rises 3% after firm buys stake in Gangavaram Port for Rs 1,954 crore

Adani Ports and Special Economic Zone  share rose nearly 3% in early trade after the  firm said it acquired 31.5% stake in Gangavaram Port Limited (GPL) which was earlier held by Windy Lakeside Investment Limited (an affiliate of Warburg Pincus). The deal is valued at Rs 1,954 crore subject to certain regulatory approvals.

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The stock has gained 10.36% in the last 4 days. The large cap stock touched an intraday high of Rs 749.85 , rising 2.78% against earlier close of Rs 729.55 on BSE. It opened at  Rs 735. 

Adani Ports share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has zoomed 115.45% in a year and 54.28% since the beginning of this year. In a month, the share has gained 31.25% Market cap of the firm rose to Rs 1.51 lakh crore on BSE.

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Karan Adani, CEO and Whole Time Director of APSEZ said, "The acquisition of GPL is a part of our continued strategy to build out a port and logistics network that is unmatched in its ability to serve customers across the nation." Last month, Adani Ports had completed the acquisition of Dighi Port for Rs 705 crore.

 Meanwhile benchmark indices were trading lower today in line with global markets. Sensex was currently trading 700 points or 1.37 per cent lower at 50,753.84, and NSE Nifty was down 200 points or 1.32 per cent at 15,044.