Adani Port: After losing Rs 8561 crore, Adani Ports makes a big comeback in the stock market, price rises by 3.5%

[ad_1]

Adani Port Share Price: War between Israel and Hamas (Israel Hamas War) is getting deeper. Adani Group company Adani Ports and Special Economic Zone (Adani Ports & Special Economic Zone) had acquired Haifa Port this year for $ 1.2 billion. After the news of the start of war in Israel, on Monday, shares of Adani Pots fell by about Rs 42.25 or 5.09 percent and closed at Rs 788.50. Due to this the company suffered a loss of about Rs 8561 crore. However, since Tuesday morning the shares of the company are trading with green mark in the market. At 9.30 am, the company’s shares reached the highest level of Rs 815.95, up almost three percent. Whereas, at 1 pm the company’s shares were trading 3.54 percent higher i.e. at Rs 818. Analysts indicated that even in a worst-case scenario, events in Israel would have little impact on Adani Ports and Special Economic Zone, leading to a rise in Adani Ports’ share price.

Adani Pots contributes three percent to Haifa

Adani Ports said in an exchange filing on Monday that it is closely monitoring the crisis in Israel and is prepared with a business continuity plan. We are closely monitoring the action on the ground which is concentrated in southern Israel, while the port of Haifa is located in the north. We have taken measures to ensure the safety of our employees and they are all safe. We are fully alert and prepared with a business continuity plan that will enable us to respond effectively to any eventuality. Haifa’s overall contribution to the number of APSEZ is relatively small at 3% of total cargo volume. For the current fiscal year (April 23-March 24), we have guided for a Haifa cargo volume range of 10-12 MMT and APSEZ total cargo volume guidance of 370-390 MMT. In the first six months (April-September 23), APSEZ’s total cargo volume was about 203 MMT, of which Haifa’s share is about 6 MMT. The company said in its filing, we are confident about the business performance of APSEZ.

What is the status of other shares of the group?

Other shares of Adani Group were also trading in the green today. Shares of Adani Enterprises, Adani Power, Adani Energy Solutions, Adani Green Energy, Adani Total Gas, Adani Wilmar, ACC, Ambuja Cements and NDTV rose about 0.5% to 3% in Tuesday’s trade.

The situation will become serious due to port being affected

Mumbai-based exporter and founder president of Technocraft Industries India, Sharad Kumar Saraf, said that if the situation worsens, things could get worse for our exporters from that region. Whereas, GTRI co-founder Ajay Srivastava said that trade could be seriously affected if operations at Israel’s three largest ports, Haifa, Ashdod and Eilat, are disrupted. India-Israel trade in goods and services sectors is estimated to be US $ 12 billion in 2022-2023. Indian companies like Sun Pharma, Tata Consultancy Services, Wipro, Tech Mahindra, State Bank of India, Larsen & Toubro and Infosys have presence in Israel. Israeli companies have invested in renewable energy, real estate and water technologies in India. They are also setting up research and development centers and production units in India. Between April 2000 and June 2023, Israeli companies have invested US$286 million (FDI) in India.

Adani’s troubles are not ending

The troubles of Gautam Adani’s company are showing no signs of ending. On one hand, the company had to suffer huge losses due to the Hindenburg report, on the other hand, the war between Israel and Hamas has increased the tension. Let us tell you that after the Hindenburg report, the valuation of Adani Group’s stocks had reduced by 100 billion dollars. However, after Hindenburg’s report, Adani Group had completely rejected Hindenburg’s allegations. According to the report, SEBI said that its investigation in 22 out of 24 cases has been completed. In the two cases in which interim reports have been submitted, investigation is being done on 13 foreign entities of Adani Group. However, the report has not yet been made public by SEBI. But, market experts say that according to the current report, the case of violation by Adani Group is a technical one in which monetary penalty can be imposed after the completion of the investigation.

[ad_2]

Source link