Adani Krishnapatnam Port Gets Government Nod For Petroleum Import By Sea

The Ministry of Ports, Shipping, and Waterways has allowed Adani Krishnapatnam Port Ltd. to import petroleum into India by sea, the government said in a notification on Friday.

In consideration of the necessity to import petroleum in public interest, the government extended a notification to Krishnapatnam port, which is located in Andhra Pradesh.

Adani Krishnapatnam Port is allowed to import petroleum in accordance with operations permitted in Navigational Safety At Ports Committee certificate for the period August 25, 2024 to March 1, 2026, the ministry said in the notification.

Adani Ports & Special Economic Zone Ltd. acquired Krishnapatnam Port in the Nellore district of Andhra Pradesh last year in December. The port is all-weather world class deep water port of international standards. Krishnapatnam Port can handle cape size vessels round the clock, throughout the year. It caters to land–locked hinterland of South India with multimodal connectivity.

Krishnapatnam Port has added advanced cargo handling system, which will enhance its existing capacity and productivity in mid August. It uses features, such as automated tracking, real-time data analysis, and improved logistics coordination, enhancing speed, accuracy, safety, and reducing costs to enhance cargo efficiency and throughput at the port.

In an article dated Nov. 14, Energy Information Administration said that India has emerged as the top contributor to the global oil consumption growth in 2024 and 2025. India is contributing 25% increase, EIA said.

They expect India's daily liquid fuel demand will increase by 300,000 barrel per day in both 2024 and 2025, due to increase in demand for transportation fuel.

Adani Ports & Special Economic Zone Ltd.'s share price rose 1.35% to Rs 1,276.05 apiece. It pared gains to trade 1.11% higher at Rs 1,274.00 apiece as of 12:58 p.m., as compared to a 0.16% decline in the NSE Nifty 50.

The stock has gained 23.43% in 12 months, and 24.32% year-to-date. The relative strength index was at 50.28.

Out of 18 analysts tracking the company, 17 maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 32.5%

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