Adani Port shares surge on Abbott stake sale plan
Reuters: Mumbai, Jan 29 2013, 10:32 IST
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.
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