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.
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.