Adani Ports share price rises almost 3% on US DFC investment boost
BSE on Wednesday, November 8, after the company said US International Development Finance Corporation (DFC) will fund Adani’s joint venture (JV) in Sri Lanka, for $553 million. "US International Development Finance Corporation (DFC) has announced that it will be funding Colombo West International Terminal Pvt. Ltd.
(CWIT) – a consortium of Adani Ports and SEZ, Sri Lanka's leading enterprise John Keells Holdings (JKH) and the Sri Lanka Ports Authority – to the tune of $553 million," Adani Ports said in an exchange filing. Adani Port and Special Economic Zone share price opened at ₹802 against the previous close of ₹797.20 and rose 2.75 per cent to the intraday high of ₹819.10. Around 12;30 pm, the stock was 2.42 per cent up at ₹816.50 on BSE.
“When completed, Colombo West International Terminal project will transform the socio-economic landscape, not just in Colombo but across the island, through thousands of direct and indirect new employment opportunities and by massively boosting Sri Lanka’s trade and commerce ecosystem," said Karan Adani, Whole Time Director and CEO, Adani Ports and Special Economic Zone. Adani Ports share price hit its 52-week low of ₹394.95 on BSE on February 3, 2023. As of the previous session's close, the stock has jumped 102 per cent from its 52-week low.
(Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!) According to a Bloomberg report, the US will provide $553 million in financing for a port terminal in Colombo as New Delhi and Washington look to curtail China’s influence in South Asia. "The US funding also signals renewed efforts to loosen Beijing’s sway over Sri Lanka after Colombo splurged on Chinese port and
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