Essar Ports extends gain on commissioning Paradip terminal

Meanwhile, the company is reported to be the sole bidder for the proposed mega-container terminal project at the Chennai port

Essar Ports is trading higher by 4% at Rs 98.30, extending its Monday’s over 2% gain after the company announced the commissioning of its 16 million metric tonnes per annum (MMTPA) dry bulk terminal at Paradip in Odisha, taking the aggregate handling capacity of the company to 104 MMTPA.

“The project involved upgradation and mechanisation of the existing 230 meter-long CQ3 berth at Paradip with installation of a fully mechanised ship loading system with a capacity of 5,000 tonnes per hour,” Essar Ports said in a statement.

Meanwhile, a Business Standard report suggests that “Essar Ports is said to be the sole bidder for the proposed mega-container terminal project at Chennai port, one of the 13 owned by the government.”

The stock opened at Rs 98.60 and hit a high of Rs 101 on the NSE. A combined 22,710 shares have already changed hands on the counter so far against an average less than 20,000 shares that were traded daily in past two weeks on both the exchanges.