Adani Ports Suspends Vessel Operations At Mundra And Tuna Ports Due To Cyclone Biparjoy

Adani Ports declared the suspension of vessel operations was necessary because of an advisory issued by India’s Metrological Department on the expected cyclone storm Biparjoy.

The shares of Adani Ports and SEZ shares are going to be in a special focus on Tuesday morning after the Adani group firm informed stock exchanges that it has reportedly suspended vessel operations at the Mundra and Tuna port on Monday. Such a suspension was being done following an advisory issued by the India Metrological Department on the expected cyclone storm named “Biparjoy”, the firm informed the stock exchanges during post-market hours.

Shares of the Adani Ports seemingly settled the day at about Rs 742.25 on the BSE. The stock is up 7% over the last month but has again dropped about 10% in 2023 until now.

Per reports, the cyclonic storm named Biparjoy is most likely to cross parts of the coast of Gujarat on 15 June as a severe cyclonic storm.

India’s Meteorological Department mentioned that cyclone Biparjoy is likely to move northward till June 14 morning and later move north-northeastwards and then cross Kutch, Saurashtra, and adjoining Pakistani coasts between Pakistan’s Karachi and Gujarat’s Mandvi around June 15 at noon.

It is highly possible to move almost northward until the morning of 14 June, then shift north-north eastward and cross Kutch, Saurashtra, and other adjoining Pakistan coasts that lie between Mandvi in Gujarat and Karachi in Pakistan close to noon of 15 June as a severe cyclonic storm with a max sustained wind speed of about 125–135 km per hour. It can gust to 150 km per hour, per the weather office.

In the meantime, the weather department also predicted rain showers across northwest India, east India, northeast India, west India, and south India over the next five days.

References: Livemint, Business Today

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Source: Maritime Shipping News