Adani Ports gains on securing contract to operate Berth no 13 at Gujarat's Deendayal Port

The company has secured the letter of intent (LOI) for a 30-year concession period through a competitive bidding process, Adani Ports said in an exchange filing on July 10.

Berth no. 13 at Deendayal Port, also known as Kandla Port, is 300m long and offers 5.7 MMT capacity annually. It is expected to be commissioned during FY 2026-27. This strategic move aligns with Adani Ports’ ongoing efforts to expand its infrastructure and maintain its leadership position in the maritime sector.

The Gautam Adani-backed firm will operate the port on a DBFOT (design, build, finance, operate, and transfer) basis for multipurpose clean cargo, including container cargo.

The consideration for the contract will depend on the future cargo.

Shares of Adani Ports gained over 1% to trade at an intraday high of ₹1,494.45 apiece on the NSE after opening higher at ₹1492 apiece. The stock closed at ₹1487.80 apiece, up 0.66%, paring some early gains.

Mundra Ports, operated by the Adani Group, handles the highest-ever volume by any port in India. In June this year, the port was ranked 27th in the World Bank's Global Top 100 list.

Adani Group has lined up major investments for upcoming and ongoing projects. The group also has plans to build up the world's largest renewable energy manufacturing hub in Mundra, Gujarat.

Adani Ports, in Q4FY24, reported a 76.87% surge in consolidated net profit to ₹2,014.77 crore compared to ₹1,139.07 crore in the year-ago period. Its total income in Q4FY24 rose to ₹7,199.94 crore against ₹6,178.35 crore in the corresponding period of the previous fiscal.