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Adani Ports Shares Up On Signing Pact With L&T


Shares of Adani Ports rose on Monday after the company said that has inked a pact with Larsen & Toubro (L&T) to oversee operations of Kattupalli port in Tamil Nadu.

The company has entered into a nonbinding Memorandum of Understanding with L&T Shipbuilding Limited (L&T) for evaluating the operations of the port at Kattupalli, Tamil Nadu, the company said in the press release.

Adani Ports Shares Up On Signing Pact With L&T

While all non-operating revenues and expenses will be to L&T's account. Adani shall be responsible for EBIDTA gains and losses arising from the Port operation for this period, the shipyard will continue to be managed and operated by L&T, added further.

Shares of Adani ports was seen trading at Rs 311.30 on BSE at 12.51 pm IST. It touched intra-day high of Rs 316 during the trade.

Shares of L&T was seen trading at Rs 1542.50 higher by 3.57 per cent. It touched an intra-day high of Rs 1542.95 during the trade.

Meanwhile, the broader benchmark BSE Sensex was trading at 26611.64, up 390.69 points, or 1.49 per cent at 12.50 hours.

Read more about: adani ports
Story first published: Monday, October 5, 2015, 13:04 [IST]
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