Adani Ports shares gain as firm gets 5 year contract to run container terminal at Kolkata airport

Shares of Adani Ports and Special Economic Zone Ltd (APSEZ) are in news today after the Adani Group firm said it has received a letter of intent for operation and maintenance of container terminal at Kolkata Port. Adani Ports stock climbed 2.37% to Rs 1384.90 on Friday against the previous close of Rs 1352.80 on BSE.  The stock hit a 52 week high of Rs 1607.95 on June 3, 2024 and fell to a 52 week low of Rs 702.85 on June 23, 2023. It later  closed 1.93% higher at Rs 1378.85.   

Market cap of the firm climbed to Rs 2.97 lakh crore on BSE. Total 2.71 lakh shares of the firm changed hands amounting to a turnover of Rs 37.24 crore. Adani Ports stock has a one-year beta of 1.3, indicating high volatility during the period.  

“Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest port developer-cum-operator, has received the letter of intent (LOI) for the operation and maintenance (O&M) of the container facility at the Netaji Subhas Dock at the Syama Prasad Mookerjee Port in Kolkata. APSEZ won the five-year O&M contract through a competitive bidding process, which mandates the successful bidder to deploy cargo handling equipment within seven months from the letter of acceptance (LOA) date,” said the firm in a communication to bourses.

Adani Ports shares have gained 85.38 per cent in one year. In terms of technicals, the relative strength index (RSI) of Adani Ports stands at 49, signaling it's trading neither in the overbought nor in the oversold zone. Adani Ports shares are trading higher than the 20 day, 30 day, 50 day, 100 day, 150 day, 200 day but lower than the 5 day and 10 day moving averages.

Ashwani Gupta, Whole-Time Director and CEO, 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.”