Adani Ports rallies on buzz of expansion plans

Adani Group has appointed EAC Partners as financial advisor on the $731 million expansion plans

Adani Ports and Special Economic Zone (SEZ) has rallied 6.4% to Rs 122 on reports that the Adani Group has appointed EAC Partners as financial advisor on the $731 million (approx Rs 4,000 crore) expansion of its coal terminal at Abbot Point in Queensland, Australia.

“The expanded terminal at Abbot Point – Australia’s most northerly coal port – would enable the export of an additional 35 million tons of thermal coal a year. Its current capacity stands at 50 million tons,” the report suggests.

A combined 424,000 shares have changed hands on the counter in morning deals on the NSE and BSE.