Adani Ports up on French tie-up

Adani Ports is in the limelight today, hitting a new 52-week high at Rs.282.25 and currently the stock remains at the same levels.

The stock has spurted up, reacting to the news it announced on Friday, after market closure. The company has stated that it has signed an agreement with the CMA CGM group of France to develop a new common user container terminal at Mundra Port. The company has stated that will be the fourth container terminal at Mundra, which is 650 meters terminal along with 27 hectares of back area, capable of handling 1.3 million TEUs annually. The construction phase has been initiated immediately and completion will be in a record 24 months. The new terminal is to be set up as an equal JV between APSEZ and CMA CGM Group of France. This partnership is expected to significantly benefit both companies in accelerating the ramp up of export, import and transshipment container volumes in India.