Adani Ports shares in focus amid Israel-Iran conflict; here is what we know

The stock will be in focus as some reports suggested that the conflict between the two countries caused damage to Haifa Port in Israel. However, Jugeshinder Robbie Singh, the Adani Group CFO, refuted the reports and said the damage reports are false. Singh wrote "FALSE" on social media platform X.

Haifa Port serves as a crucial maritime hub, handling over 30% of Israel's imports. It is owned by Adani Ports, which controls a 70% share.

"Gautam Adani-led group's Haifa port in Israel was unharmed by the Iranian ballistic missile attack, with cargo operations progressing unhampered, sources said," PTI said.

Late on Saturday night, Iran targeted Israel's Haifa port and a nearby oil refinery in response to Tel Aviv's attack on Iranian nuclear and other targets earlier this week.

Shrapnel fell in the chemical terminal at the port, and some other projectiles fell at the oil refinery, PTI reported, citing sources. They claimed there were no injuries.

Adani's port, however, was not impacted by the strike.

A piece of interceptor shrapnel was also found at the Kishan West (Haifa port), but there were no injuries, the PTI report said.

Cargo operations at the Adani-operated port were unhampered. "There are eight ships in the port now; cargo operations are normal," PTI reported, quoting its source.

"The Iranian ballistic missile attack did not inflict any damage to the port or its operations," the PTI report said, quoting sources.

The Adani Group did not immediately offer any comments on the issue. Israeli government authorities could also not be immediately reached for comments, the report added.

The Haifa Port has approximately 700 employees. It handles different types of cargo, including containers, bulk, breakbulk, cement, and general cargo.

The PTI report said the port is closely coordinating with the Ministry of Transport in Israel and continues to operate normally with full compliance with security and other requirements of the Israeli government.

The Chinese port (which is next to Haifa) is also functioning normally, PTI reported.

The missiles may have caused damage to a major oil refinery close to the port, but there was no official comment on the impact on it, PTI reported.

Haifa is less than 3% of the volume handled by Adani Ports and SEZ and contributed less than 2% to the profits. Haifa handles a total cargo of 10-11 million tonnes annually, while APSEZ annual volumes are upwards of 450 million tonnes.