India's Adani Port Rises on Plans of Abbott Stake Sale

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January 29, 2013 6:42 PM EST

* Shares in Adani Ports and Special Economic Zone Ltd gain 5.2 percent a day after the company says it will sell a

majority stake in Australia's Abbot Point port to the Adani family.

* Abbot Point reported a loss of 670 million rupees for the October-December quarter, Adani said on Monday.

* Adani Port's stake sale in its Australian port would reduce the Indian company's consolidated debt by around 110 billion

rupees ($2.04 billion), while the reinvestment of the cash flows for domestic growth opportunities would be a positive, brokerage

Edelweiss says in an email to clients.

($1 = 53.9050 Indian rupees)

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