 "Adani Ports, L&T gain on inking pact for Kattupalli Port operations")
Shares of Adani Ports and Special Economic Zone (SEZ) and Larsen & Toubro (L&T) were trading higher by up to 3% on the bourses in early morning trade after these companies announced that they have inked a pact to oversee operations of Kattupalli Port in Tamil Nadu.
“The Company has entered into a non-binding Memorandum of Understanding with L&T Shipbuilding Limited (L&T) for evaluating the operations of the port at Kattupalli, Tamil Nadu, with effect from October 1, 2015 for a period of one month,” Adani Ports said in a statement.
The definitive agreements would be entered into later. While all non-operating revenues and expenses will be to L&T s account. Adani shall be responsible for EBIDTA gains and losses arising from the Port operation for this period. The shipyard will continue to be managed and operated by L&T, it added.
At 09.16 am., the shares of Adani Ports were up nearly 3% at Rs 314, while L&T up 2% at Rs 1,516 on the BSE.
“The Company has entered into a non-binding Memorandum of Understanding with L&T Shipbuilding Limited (L&T) for evaluating the operations of the port at Kattupalli, Tamil Nadu, with effect from October 1, 2015 for a period of one month,” Adani Ports said in a statement.
The definitive agreements would be entered into later. While all non-operating revenues and expenses will be to L&T s account. Adani shall be responsible for EBIDTA gains and losses arising from the Port operation for this period. The shipyard will continue to be managed and operated by L&T, it added.
At 09.16 am., the shares of Adani Ports were up nearly 3% at Rs 314, while L&T up 2% at Rs 1,516 on the BSE.