MARKET EYE-India's Adani Port surges on Abbott stake sale plan

Tue Jan 29, 2013 10:21am IST

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* Shares in Adani Ports and Special Economic Zone Ltd 
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 ($2.04 billion), while the reinvestment of the cash flows
for domestic growth opportunities would be a positive, brokerage
Edelweiss says in an email to clients. 
    
($1 = 53.9050 Indian rupees)
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