Mid-Noon Stock Watch: Adani Ports & Snowman Logistics

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Shares of Adani Ports&Special Economic Zone (ADANIPORTS) gained 2% intraday to hit its share price at Rs371 after Adani Group acquired a good number of the stake in the company for Rs296-Cr from Gateway Distriparks Ltd.

Last weekend, Adani Logistics Ltd, a wholly-arm of ADANIPORTS, signed a definitive agreement to acquire a 40.25-pc stake in Snowman Logistics Ltd from Gateway Distri Parks Ltd. The acquisition gives Adani Logistics to double its capacity in the next 5 years.

Today, the ADANIPORT’s stock reacted positively with this Development and made an intraday high of Rs.61.25 on NSE. At the mid-noon session, the stock of ADANIPORTS was trading at around Rs.60.60, up 0.58% from the previous closing.

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Shares of Shares of Snowman Logistics also rose higher 2.58% today after Adani Group acquired a majority stake in the company for Rs296-crore from Gateway distri parks.

At 12-hrs the shares were trading 2.58 percent higher at Rs 43.75 per share on the NSE. The stock price rallied about 4% percent to touch a high of Rs 45.65 per share intraday.

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Meantime, the benchmark indices reduced their morning gains and trade flat with Nifty at 12235.95, down by 12 points and the Sensex quoted at 41522-mark, down by 52 points in trade.

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