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Ports, shipping shares gain as Cabinet approves bill to empower major ports
Updated on 17 Dec 2016
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.
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.