Adani Ports gains; ICRA upgrades debt rating

REUTERS - Adani Ports and Special Economic Zone shares gain 3 percent after domestic rating agency ICRA upgraded its long-term debt rating to "BBB-plus" from "BBB," citing a "strong" ramp-up in cargo volumes this fiscal year.

ICRA says Adani continues to benefit from mechanisation and adequate back-up facility.

"The positive outlook factors in ICRA's expectation that the company's cargo volumes would continue to show healthy growth in the near term notwithstanding weak macro-economic environment, because of its competitive position," ICRA said.

(Reporting by Abhishek Vishnoi)