GPPL remains firmly in green

Gujarat Pipavav Port Ltd (GPPL) has been the top gainer on the BSE since opening bell today. The stock price rose over 6.5% to Rs.145.65 and remains firmly in the green.

Marketmen are back on the counter on bargain hunting. The stock had tanked on news that APM Terminals, which manages and operates with a controlling stake in GPPL at 43.1% wanted to exit, sell its entire stake. The presence of APM was its biggest USP at the time of its IPO. A company spokesperson refuted this news as rumours but nothing “officially” was stated. This was followed up with news that Adani Ports was in talks with the company to buy the stake of APM. Sajjan Jindal’s JSW group is also said to be in talks for the stake.

If this stake sale does happen, any company which acquires will have to make an open offer to get the controlling stake of 51%.

Today, there is no news as such but maybe the market is sensing that a deal could be there on the horizon.