India's Adani Ports rises to record high after MSC deal for Vizhinjam port

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Today 06:37

** Shares of Adani Ports and Special Economic Zone APSE.NS rise 3.4% to a record high of 1,872 rupees
** Co said on Tuesday that Terminal Investment, a unit of Switzerland's MSC Group, would acquire a 49% stake in its Vizhinjam port for $1.4 billion
** Deal represents single largest foreign private investment in Indian port infra; strategic partnership enhances cargo visibility for Vizhinjam port, says Nomura
** Jefferies notes that Terminal Investment also holds significant stakes in APSE's Mundra Port and Ennore Container Terminal
** Emkay says Vizhinjam well-positioned to capture transshipment opportunity in Asia-Middle East corridor and deal will unlock volume levers
** APSE rated "buy" on avg by 25 analysts; median PT is 1900 rupees - LSEG data
** YTD, APSE up 27.3%
     

 (Reporting by Abhirami G in Bengaluru)
 ((abhirami.g@thomsonreuters.com))