Adani Ports and Special Economic Zone rose 0.81% to Rs 390.95 at 9:24 IST on BSE after the company said it signed a long term regasification pact with Indian Oil Corporation for Dhamra LNG terminal.
The announcement was made after market hours yesterday, 16 April 2018.Meanwhile, the S&P BSE Sensex was up 5.03 points, or 0.01% to 34,310.46.
On the BSE, 27,000 shares were traded in the counter so far compared with average daily volumes of 1.82 lakh shares in the past two weeks. The stock had hit a high of Rs 394 and a low of Rs 390 so far during the day. The stock hit a record high of Rs 451.55 on 24 January 2018. The stock hit a 52-week low of Rs 318.10 on 17 April 2017.
Adani Ports and Special Economic Zone (APSEZ), India's leading port infrastructure developer and part of the Adani Group, said it signed a long term agreement with Indian Oil Corporation (IOC) to provide Liquefied Natural Gas (LNG) regasification services on a use or pay basis to the state-run refiner, at its upcoming LNG import terminal at Dhamra in Odisha. As per the contract, IOC has booked 3 million tonnes per annum (MTPA) regasification capacity spread over 20 years. IOC plans to supply the gas to its refineries in Paradip in Odisha and Haldia in West Bengal.
The terminal is expected to be commissioned during the second half of 2021. The proposed Dhamra LNG import terminal is designed for an initial capacity of 5 MTPA, expandable up to 10 MTPA. Initially, it will have two full containment type tanks of 180,000 m3 capacity each.
It will be first of its kind in India and second LNG terminal on the east coast after IOC's Ennore terminal in Tamilnadu. It will have a jetty capable of handling a wide range of LNG supply vessels, including the largest Q-max fleet from Qatar. The terminal will be capable of reloading LNG to service proximate markets via the marine route and will also have truck loading gantries to help grow the nascent but exciting LNG by truck market.
On a consolidated basis, net profit of Adani Ports & Special Economic Zone rose 19.5% to Rs 1001 crore on 21.74% rise in net sales to Rs 2688.85 crore in Q3 December 2017 over Q3 December 2016.
Adani Ports and Special Economic Zone (APSEZ) is India's largest port developer and operator. APSEZ has 10 strategically located ports and terminals on both the western and eastern coastline of India Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai representing 24% of India's total port capacity. APSEZ is currently developing a transhipment port at Vizhinjam, Kerala. APSEZ owns and operates India's largest commercial port, Mundra, in Gujarat.
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