India's Adani Ports rises as unit buys Gujarat depot

Navkar

16/08/2022 10:58

** Shares of port operator Adani Ports and Special Economic
Zone  APSE.NS  rise as much as 4.7% to 825 rupees, highest since
May 5
    ** APSE says unit Adani Logistics agrees to buy inland
container depot at Tumb village in western Indian state of
Gujarat from Navkar Corp Ltd  NAVR.NS  for an enterprise value
of 8.35 bln rupees ($105.21 mln) 
    ** Shares of NAVR plunge as much as 19.5%
    ** APSE says deal comprises acquisition of operational depot
with capacity to handle 0.5 million TEU, the standard unit for
20-foot containers (https://bityl.co/DqVj)
    ** "(Depot's) strategic positioning in the middle of one of
the busiest industrial zones and access to the dedicated freight
corridor allows it to meaningfully serve the vast hinterland
with access to two of the busiest ports on both sides, Hazira
and Nhava Sheva," APSE CEO Karan Adani     
    ** More than 5.5 mln APSE shares change hands by 0914 GMT,
1.7x 30-day avg of 3.33 mln shares
    ** Twenty of the 23 analysts covering APSE stock have a
"buy" or "strong buy" rating, 1 has "hold" while 2 rate it at
"sell" or "strong sell"; median PT is 899 rupees - Refinitiv
data
    ** APSE stock up 7.9% YTD, up to last close, vs a nearly 2%
rise in the benchmark Nifty 50 index  .NSEI  
    
($1 = 79.3650 Indian rupees)

 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com;))