Stocks

Gujarat Pipavav stocks spurt 4.5%

Reuters | Updated on January 12, 2018 Published on June 08, 2017

APM Terminals is the ports and terminals company of maritime giant A.P. Moller-Maersk Group.

Shares of Gujarat Pipavav jumped as Adani Ports is planning to buy stake.

Gujarat Pipavav Port rose as much as 4.39 per cent to Rs 150.90, in its biggest intraday percentage gain in over a week.

Adani Ports and Special Economic Zone Ltd is looking to buy controlling stake in Gujarat Pipavav, according to a media report, citing three people close to the development.

Adani Ports has begun talks to buy APM Terminals Management BV's 43.01 per cent stake in Gujarat Pipavav and has hired HSBC Holdings Plc as adviser.

Gujarat Pipavav has declined to comment, while Adani Ports was not immediately available for comment.

APM Terminals is the ports and terminals company of maritime giant A.P. Moller-Maersk Group.

Published on June 08, 2017
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