Adani Port Shares Dip 5% Amid Israel-Hamas Conflict; HPCL and BPCL Also Impacted
Impact of Hamas Attacks on Indian Companies in Israel
Some Indian companies have also been affected by the recent Hamas attacks on Israel. The current share prices are down by 5%. Adani Group operates in Israel, managing the Haifa port. In January 2023, Israel handed over the operational rights of the port to Adani Group for 40 years.
Adani Group has stated that it is closely monitoring the developments in Israel, where Haifa port in the north is sealed while fighting continues in the south. We have taken rigorous steps to ensure the safety of our employees, and they are all secure. The portfolio of the company includes a mere 3% share in Haifa port’s cargo volume, as mentioned in the statement.
Adani Ports – India’s Largest Private Port Operator
Adani Ports is India’s largest private port operator and an end-to-end logistics provider. Over a relatively short period, it has developed a portfolio of port infrastructure and services across India, currently representing a 24% capacity share of the country’s ports and terminals.
Additionally, several other Indian companies have investments in Israel. These include State Bank of India, Jain Irrigation, Sun Pharma, Infosys, Tech Mahindra, and Wipro, among others. Many Indian companies have also entered into strategic agreements in the defense sector. The increased tension has had an impact on crude oil prices, affecting companies like Hindustan Petroleum, Bharat Petroleum, and Indian Oil. Their shares are down by 2% or more.
Israel-Palestine Conflict Intensifies
The Israel-Palestine conflict has escalated with hostilities breaking out on Saturday. On the third day of the conflict, 700 Israelis have been reported dead. On the other side, in Israel’s retaliatory actions, 500 Palestinians have lost their lives. Furthermore, the Lebanese terrorist organization Hezbollah launched a mortar attack on Israel on Sunday.
Reasons Behind the Israel-Palestine Conflict
This longstanding conflict in the Middle East has been ongoing for over a century. Disputes involve territories such as the West Bank, Gaza Strip, and the Golan Heights. Palestine claims sovereignty over East Jerusalem, among other areas, while Israel refuses to relinquish its claims to Jerusalem. The Gaza Strip is currently under the control of Hamas, an Israel-backed group. This conflict is a thorny issue for Israel, which has also made no moves to abandon Jerusalem. Gaza Strip is an Israel-opposed group. In September 2005, Israel withdrew its troops from the Gaza Strip. In 2007, Israel imposed several controls on this expansion. Palestine argues that an independent Palestinian state should be established in the West Bank and Gaza Strip.
