Adani Port surges on Abbott stake sale plan
Reuters Market Eye - Shares in Adani Ports and Special Economic Zone Ltd (APSE.NS) gain 5.2 percent a day after the company says it will sell a majority stake in Australia's Abbot Point port to the Adani family.
Abbot Point reported a loss of 670 million rupees for the October-December quarter, Adani said on Monday.
Adani Port's stake sale in its Australian port would reduce the Indian company's consolidated debt by around 110 billion rupees, while the reinvestment of the cash flows for domestic growth opportunities would be a positive, brokerage Edelweiss says in an email to clients.
(Reporting by Manoj Dharra)
- Tweet this
- Share this
- Digg this
- India withdraws regulator's power to cap non-essential drug prices
- India's Mars mission a step closer to success with engine test
- Apple sells more than 10 million new iPhones in first three days |
- U.S. Treasury moves against tax-avoidance 'inversion' deals
- PM Modi to get rock star reception in New York
India has withdrawn the drug pricing authority's powers that allowed it to fix the prices of medicines not deemed essential, after its decision to impose price caps on more than 100 drugs in July triggered industry protests. Article
India has no plans to increase food handouts - Food Minister Ram Vilas Paswan. Full Article