Adani Ports Issues This Important Statement On Hamas Port Amidst Stock Fall; Details Inside

Adani Ports has issued an important statement on Haifa Ports as the Israel-Palestine War triggered a sell-off in Indian equities on Monday. It is worth mentioning that the shares of Adani group stocks fell after Iran-backed Hamas launched 5,000 rockets on Israel which killed over 1,000 people. One must note that the Adani Group had earlier this year acquired the Israeli port of Haifa for $1.2 billion. The Port of Haifa is the second largest port in Israel in terms of shipping containers.

In a media statement issued today, the Group said, "At a time like this, our thoughts continue to be with the people of Israel. We are closely monitoring the action on the ground which is concentrated in South Israel, whereas Haifa port is situated in the North. We have taken measures to ensure safety of our employees and all of them are safe. We remain fully alert and prepared with a business continuity plan that will enable us to respond effectively to any eventuality."

"The overall contribution of Haifa in APSEZ's numbers is relatively small at 3% of the total cargo volume. For the current financial year (Apr 23-Mar 24), we have guided for Haifa Cargo volumes range of 10-12 MMT and APSEZ's total cargo volume guidance of 370-390 MMT. In the initial six months (Apr-Sep 23), APSEZ's total cargo volume was ~203 MMT, of which the Haifa share is ~6 MMT. We stay confident of APSEZs business performance," the company said.

Today, the share price of Adani Ports and Special Economic Zone (APSEZ) was seen trading 4.88% lower at Rs 790 per share at 2:37 pm IST.

Meanwhile, most Adani group stocks including Adani Enterprises, and Adani Green Energy also traded in the red today. A bearish sentiment prevailed in the Indian market today, at the time of writing this article BSE Sensex was down 0.62% at 65,587.85 points, while Nifty 50 was down 0.62% at 19,531.75 points.

Israel vs Palestine war situation

Israel said that around 700 were killed in the country, in Saturday's attacks, children among them, as fighting continued for a second day. The US said it is moving a six-vessel aircraft carrier strike group to the eastern Mediterranean and is expanding its fighter aircraft squadrons in the region.