Essar Ports hits a new high!

Essar Ports has hit a new high today at Rs.140.50 with massive volumes at 6.42 lakh shares today alone compared to 2-week average of 11,000 shares.

The stock has zoomed up high on unconfirmed news that the company is in early stages of talk with Adani group to sell off some of its ports and related assets. Nothing is yet finalized as talks are said to be in the initial stages, with valuations yet to be decided.

Essar Ports is as such in the midst of delisting from stock exchanges due to lack of investor appetite and this stake sale has suddenly increased the appetite manifold.

One of India’s largest ports with capacity of 104 million metric tonnes per annum, the Exchanges have sought clarification from the company regarding this news though no news yet has come from either of the parties.