Ports, shipping shares gain as Cabinet approves bill to empower major ports

Adani Ports, Gujarat Pipavav, SCI, GE Shipping, Allcargo Logistics and Essar Shipping were up 2% to 10% on BSE

Shares ports, shipping and logistics companies were trading higher by up to 10% on the bourses after the Cabinet approved a Major Port Trust Authorities Bill to replace the Major Port Trusts Act of 1963.

This is aimed at more autonomy in decision making to the 12 major ports, the Business Standard report suggests.

The Bill seeks to give the Tariff Authority for Major Ports (TAMP) the power to fix rates, to then be a reference for purposes of bidding for public-private partnership (PPP) projects. Residual functions of TAMP for major ports would be conducted by an independent review board, to be created under the new law, added report. CLICK HERE TO READ FULL REPORT

Adani Ports and Special Economic Zone, Gujarat Pipavav Port, Shipping Corporation of India (SCI), Great Eastern Shipping Company, Essar Shipping and Allcargo Logistics were up between 2% and 10% on the BSE. At 09:30, the S&P BSE Sensex was trading at 26,606.

COMPANY	LATEST	PREV CLOSE	GAIN(%)
ESSAR SHIPPING	29.30	26.60	10.15
TIGER LOGISTICS	233.75	220.55	5.99
ALLCARGO LOGIST.	173.65	164.70	5.43
SHREYAS SHIPPING	220.00	211.85	3.85
GUJ PIPAVAV PORT	145.65	140.30	3.81
S C I	63.10	60.85	3.70
SICAL LOGISTICS	210.40	204.95	2.66
SEAMEC LTD	87.00	84.90	2.47
ADANI PORTS	290.25	283.70	2.31
PATEL INTEGRATED	75.50	74.00	2.03
GE SHIPPING CO	374.90	368.55	1.72
GATI	117.50	115.80	1.47
GOL OFFSHORE	25.25	24.95	1.20
MERCATOR	39.60	39.15	1.15