January 29, 2013 / 5:12 AM / 5 years ago

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

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