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Ports, shipping shares gain as Cabinet approves bill to empower major ports

SI Reporter / Mumbai 15 Dec 16 | 09:34 AM

Shares ports, shipping and logistics companies were trading higher by up to 10% on the bourses after the Cabinet approved a Major Port Trust Authorities Bill to replace the Major Port Trusts Act of 1963.

This is aimed at more autonomy in decision making to the 12 major ports, the Business Standard report suggests.

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The Bill seeks to give the Tariff Authority for Major Ports (TAMP) the power to fix rates, to then be a reference for purposes of bidding for public-private partnership (PPP) projects. Residual functions of TAMP for major ports would be conducted by an independent review board, to be created under the new law, added report.

Adani Ports and Special Economic Zone, Gujarat Pipavav Port, Shipping Corporation of India (SCI), Great Eastern Shipping Company, Essar Shipping and Allcargo Logistics were up between 2% and 10% on the BSE. At 09:30, the S&P BSE Sensex was trading at 26,606.

COMPANY LATEST PREV CLOSE GAIN(%) ESSAR SHIPPING 29.30 26.60 10.15 TIGER LOGISTICS 233.75 220.55 5.99 ALLCARGO LOGIST. 173.65 164.70 5.43 SHREYAS SHIPPING 220.00 211.85 3.85 GUJ PIPAVAV PORT 145.65 140.30 3.81 S C I 63.10 60.85 3.70 SICAL LOGISTICS 210.40 204.95 2.66 SEAMEC LTD 87.00 84.90 2.47 ADANI PORTS 290.25 283.70 2.31 PATEL INTEGRATED 75.50 74.00 2.03 GE SHIPPING CO 374.90 368.55 1.72 GATI 117.50 115.80 1.47 GOL OFFSHORE 25.25 24.95 1.20 MERCATOR 39.60 39.15 1.15

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Sensex

Company Price Gain (%)
Cipla608.652.64
H D F C1,701.002.23
Maruti Suzuki8,340.702.15
Tata Steel701.352.14
Tata Motors421.451.92

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