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Adani Ports stock price jumps 5% acquiring Dighi Port

The Adani Ports and Special Economic Zone/ APSEZ stock price hit its 52-week high of Rs 670. Adani Ports stock price jumps 5% in the early trade of February 17.

Adani Ports and Special Economic Zone quoted Rs 665.70 at 09:18 hours IST. This scrip is up at Rs 29.15 or 4.58% on BSE.

The company has recently completed the acquisition of Dighi Port Limited or DPL with a Rs 705 crore deal.

Moreover, the company previously announced the initiation of the development to stock exchanges on March 6, 2020.

DPL or Dighi Port Limited is the 12th port uniting with APSEZ’s thread of economic access across Eastern India.

Moreover, the company will establish its footprint in Maharashtra in the western coast. Further, this company is one of the largest GDP contributors in India.

Moving forward, this APSEZ is planning to invest more than Rs 10,000 crore.

The company will utilize this amount to convert the port into a multi-cargo port. Further, this multi-cargo port is planned to be equipped with world class infrastructure.

Also, the amount will be used in developing rail & road removal infrastructure to ensure smooth and efficient cargo movement.

The company has also said to repair the existing infrastructure and further invest in other facilities for dry, container and liquid cargo.

Also, the research house Citi has continued to buy ratings for a target of Rs 715 per share.

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