Adani Ports jumps 5% as it acquires controlling stake in Gangavaram Ports

The Adani Ports had announced acquisition of Warburg Pincus's 31.5 per cent stake in GPL on March 3, 2021 and together with today's acquisition, APSEZ would now have 89.6 per cent stake in GPL

Shares of Adani Ports and Special Economic Zone advanced 4.6 per cent to Rs 755 on the BSE in the intra-day deals on Tuesday after the company announced acquisition of controlling stake in Gangavaram Port for Rs 3,604 crore.

At 10:32 am, the stock was quoting at Rs 750 apiece, up 4 per cent on the BSE. In comparison, the benchmark S&P BSE Sensex was at 49,799.33 levels, up 28.04 points or 0.06 per cent. A combined 16.15 million equity shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.

Adani Ports,