Adani Ports and Special Economic Zone shares surged over 6 per cent today after the company said the order by the National green Tribunal (NGT) on carrying out work for its Hazira-based port without environment clearance has not impacted its operations in the area.
The stock climbed 5.90 per cent to settle at Rs 232.40 on BSE. Intra-day, it soared 6.63 per cent to Rs 234. The stock was the top gainer among the 30-Sensex component.
At NSE, shares of the company advanced by 6.17 per cent to Rs 232.85.
In the process, the company’s market valuation rose by Rs 2,681.92 crore to Rs 48,128.92 crore.
“There is no stay on construction/operation currently and we have been provided four weeks to comply with the directions of the order, including depositing of Rs 25 crore with the Collector, Surat,” APSEZ had said in a regulatory filing yesterday.
In a judgement issued on January 8, Pune-based Western zone bench of the NGT had slapped a penalty of Rs 25 crore on Adani-Hazira Port Pvt Ltd (AHPPL) and its associate Hajira Infrastructure Pvt Ltd for carrying out work without acquiring environment clearance.
The Bench had also ruled that the environment clearance (EC), granted by Ministry of Environment and Forests (MoEF), in 2013 for further development of the port at Hazira, was illegal and set it aside.
APSEZ said: “We believe there are certain factual errors, which we are contesting. We have complied with majority of requirements and certain portions are not directly applicable to us. Once again to reaffirm, the operations at Hazira remain unimpacted and the business is as routine.”