Adani Ports share gains 3% on formation of new subsidiary

Shares of Adani Ports soared more than 3% today after the Adani Group company said it had formed a wholly-owned subsidiary named HDC Bulk Terminal Limited. The subsidiary was incorporated on March 7, 2022. The stock reached an intraday high of Rs 709.5, up 3.08% on BSE. The company’s market capitalization has risen to Rs 1.44 lakh crore.

Large-cap stocks are trading above the 5-day moving averages, but below the 20-day, 50-day, 100-day and 200-day moving averages. The stock lost 6% in one year and fell 3.38% in 2022.

“HDC Bulk Terminal was incorporated as a 100% subsidiary of the company for the realization of the project, i.e. the mechanization of berth No. 2 on the basis of the design, construction , Finance, Operate and Transfer (DBFOT) at Haldia Dock Complex Syama Prasad Mookerjee Port, Kolkata The acquisition cost is Rs 5 lakh (50,000 equity shares of Rs 10 each),” Adani said. Ports in a release.

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In a separate development, the country’s largest oil company, Indian Oil Corporation (IOC), will build nine additional storage tanks to store an additional 10 million tonnes of crude oil at the Adani Group-operated port of Mundra in the Gujarat.

“Adani Ports and Special Economic Zone (APSEZ) has signed an agreement with IOC to increase IOC crude oil volumes at Mundra,” the Adani Group company said.

IOC will expand its existing crude oil tank farm at APSEZ’s Port of Mundra, enabling it to handle and blend an additional 10 million tonnes of crude oil at Mundra.

Indian Oil shares rose slightly to Rs 118.95 intraday from the previous close of Rs 117.05.

During the afternoon session, the stock fell 0.73% to Rs 116.20 on BSE. The stock is trading above the 5-day moving averages, but below the 20-, 50-, 100- and 200-day moving averages. The company’s market capitalization stood at Rs 1.09 lakh crore during the afternoon session.

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