Adani Ports soars on completion of Vizag terminal

The stock has soared 6% to Rs 168 on the Bombay Stock Exchange.

Adani Ports and Special Economic Zone has soared 6% to Rs 168 on the BSE after the company said it has completed the Rs 400 crore steam coal import terminal at Visakhapatnam port, eight months ahead of schedule.

The Adani Vizag Coal Terminal Private Limited, a subsidiary of APSEZ, had entered into a concession agreement with Visakhapatnam Port Trust to set up a steam coal handling facility project with a capacity of 6.4 million tonnes a year in March 2011 with a completion deadline of August 2014.

"The facilities created at the port can handle steam coal volumes of up to 9 million tonnes. The Visakhapatnam port is strategic for coal imports to feed the local industries and power plants of the states of Andhra Pradesh, Odisha, Chhattisgarh and Maharashtra," said Karan Adani, executive director, APSEZ.

The stock opened at Rs 160 and has seen a combined 2.27 million shares changing hands on the counter till late noon deals on the NSE and BSE.