Israel War: Adani Ports’ troubles increased, stock fell sharply, know what the company said about the stranded workers
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Gautam Adani Post in Israel: The ongoing war between Israel and Hamas has started having a direct impact on Indian companies. Adani Group company Adani Ports and Special Economic Zone (Adani Ports & Special Economic Zone) had earlier this year acquired the strategically important Haifa port for $1.2 billion. After the news of war, there was a huge fall in the company’s shares in the Indian stock market. Shares of Adani Ports fell by about 5.09 percent to below Rs 800. Gautam Adani listed in the Nifty index of the National Stock Exchange (Gautam Adani)’s company’s shares closed at 830.75 on Friday. After this, as soon as the trading session started on Monday, the stock fell by about Rs 37 or 4.54 percent. After this, by the time of closing bell in the market, shares of Adani Ports fell by Rs 42.25 or 5.09 percent and closed at Rs 788.50. At market time, the company’s shares had fallen to Rs 788.30.
The company said- all employees are safe
Adani Group company Adani Ports and SEZ said on Monday that steps have been taken to ensure the safety of its employees deployed at Haifa port in Israel and all the employees are safe. Hamas, the group that controls Palestine’s Gaza Strip area, carried out ground and air attacks on southern areas of Israel on Saturday. Since then there is a situation of tension in the entire area. Adani Ports said in the statement that it is fully alert about Haifa Port and has prepared a business continuity plan to effectively deal with any adverse situation. The company said that we are keeping a close eye on the ground situation. The developments there are taking place in southern Israel while Haifa port is located in the northern area. Adani Ports and SEZ Limited said in the statement that we have taken steps to ensure the safety of our employees and they are all safe. According to the statement, Haifa Port’s share in the total business of Adani Ports and SEZ is only three percent. The company’s total loading in the first six months of the current financial year was 203 million tonnes, of which Haifa’s share was 60 lakh tonnes. Along with this, the company has expressed full confidence in maintaining its business performance.
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.
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