Adani Ports shares rally 3%. Here's why
In a trade advisory released Monday, Adani Ports said the decision applies to all terminals operated by APSEZ across India.
By Bhaskar Dutta, ETMarkets.com | Updated:
AFP
NEW DELHI: Shares of Adani Ports gained 2.7 per cent on Wednesday after the company said it has decided to not handle containerised cargo coming from Iran, Pakistan and Afghanistan from November 15.
At 09:45 hours (IST), shares of Adani Ports were at Rs 756.70 on the National Stock Exchange, registering a gain of 2.7 per cent.
The step comes in the backdrop of a huge heroin haul last month from Mundra Port in Gujarat, which is owned by Adani Ports.
In a trade advisory released Monday, Adani Ports said the decision applies to all terminals operated by APSEZ across India.
According to officials from the Federation of Indian Export Organisations, the move by Adani Ports is likely to push up domestic logistic costs for the export sector.
At 09:45 hours (IST), shares of Adani Ports were at Rs 756.70 on the National Stock Exchange, registering a gain of 2.7 per cent.
The step comes in the backdrop of a huge heroin haul last month from Mundra Port in Gujarat, which is owned by Adani Ports.
In a trade advisory released Monday, Adani Ports said the decision applies to all terminals operated by APSEZ across India.
According to officials from the Federation of Indian Export Organisations, the move by Adani Ports is likely to push up domestic logistic costs for the export sector.
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