Adani drops on Orissa investment plans

Adani Enterprises has dropped 1% on plans of investments in Orissa port.

The stock opened at Rs 499 and touched a high of Rs 504. However, it dropped 1.4% from there to touch a low of Rs 497. It is now trading with a 1% loss at Rs 498. Around 13,000 shares have been traded on the BSE so far, as against a two week daily average of 222,000 shares.

Ahmedabad-based Adani Group, a diversified business conglomerate, has evinced interest in setting up a 100 million tonne per annum port in Orissa at an investment of Rs 10,000 crore.

Official sources said the Group intends to invest Rs 5000 crore in the first phase and an equivalent amount in the second phase. The proposed port which would have 12 berths in all will handle coal, iron ore, liquid and containerized cargo.

The Adani Group also plans to develop an industrial zone in the port area. Plans are also afoot to develop a road and railway network within the port.