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Adani Ports Hits New High On Dighi Port Acquisition

By Staff

On Wednesday, shares of Adani Ports and Special Economic Zone (APSEZ) were up 5% to hit a new all-time high of Rs 670 on BSE after the company said it has completed the acquisition of 100% stake of Dighi Port Limited (DPL) for Rs 705 crore on 15 February.

Adani Ports Hits New High On Dighi Port Acquisition

"With the acquisition of DPL, APSEZ marks its presence in Maharashtra, the largest Indian state in terms of its contribution to the GDP and will support the industrial zones in the Mumbai and Pune region; DPL will be at the forefront to develop and support port-led industrial development," APSEZ said in a press release.

DPL is the 12th port to join APSEZ's string of economic gateways across the eastern and western coast of India.

Citi has retained a buy rating on the stock post the acquisition with a target at Rs 715 per share as the brokerage believes consolidation is continuing in the industry and the valuation is attractive, especially given good quality underlying business.

Analysts at Edelweiss Securities believes APSEZ's volume momentum will sustain driven by external factors like global and local trade momentum; and importantly, internal factors like market share gains, cargo diversification, improved hinterland, cargo stickiness, among others.

Read more about: adani ports adani
Story first published: Wednesday, February 17, 2021, 15:14 [IST]
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