Adani Ports gains after completing acquisition of Dhamra Port

Adani Ports and Special Economic Zone rose 1.6% to Rs 302.35 at 9:46 IST on BSE after the company said that it has completed the acquisition of 100% stake in the Dhamra Port Company from L&T Infrastructure Development Projects and Tata Steel.

The announcement was made after market hours on Tuesday, 24 June 2014.

Meanwhile, the S&P BSE Sensex was up 296.62 points or 1.18% at 25,327.94.

On BSE, so far 40,000 shares were traded in the counter as against average daily volume of 4.28 lakh shares in the past two weeks.

The stock hit a high of Rs 302.50 and a low of Rs 299.60 so far during the day.

Adani Ports and Special Economic Zone (APSEZ) said that further to the share purchase agreement dated 16 May 2014 executed by APSEZ with L&T Infrastructure Development Projects and Tata Steel, APSEZ has completed the acquisition of 100% stake in the Dhamra Port Company from L&T Infrastructure Development Projects and Tata Steel.

APSEZ's consolidated net profit declined 25.4% to Rs 529.80 crore on 11.8% growth in net sales to Rs 1079.09 crore in Q4 March 2014 over Q4 March 2013.

Adani Ports & SEZ is engaged in business of developing, operating and maintaining the port and port related infrastructure facilities including multi-product special economic zone.

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