Adani Ports hits life-time high on 33% surge in cargo volumes in Feb

1 month ago

For the 11 months ended February of the current fiscal year, Adani Ports handled 382 MMT of cargo.

March 04, 2024 / 09:41 AM IST

Over the past six months, shares of the firm have surged around 70 percent.

Over the past six months, shares of the firm have surged around 70 percent.

Shares of Adani Ports hit a fresh life-time high in early trade on March 4 after company recorded a 33 percent on-year jump in cargo volumes in February.

According to a filing with the exchanges, APSEZ handled 35.4 MMT of total cargo in February, which is around 33 percent higher than volumes handled a year back.

While most ports observed a year-on-year jump in volumes, the Dhamra Port recorded its highest-ever monthly cargo of 4.22 MMT.

At 9.20am on March 4, the shares of the ports operator were quoting Rs 1,352.7 on the NSE, higher by around 1 percent from the previous session.

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In the 11 months ended February 2024, the company handled 382 MMT of cargo, implying that it is well on track to surpass the 400 MMT mark before the end of the financial year in March. "The company achieved the milestone of surpassing the 350 MMT cargo volume mark at its domestic ports in 318 days," Adani Ports said.

The firm's logistics arm continued to see record growth, as year-to-date rail volumes were up 21 percent on-year at 542,000 TEUs (twenty-foot equivalent unit) and General Purpose Wagon Investment Scheme volumes of around 18 MMT, up 40 percent on-year.

Motilal Oswal, bullish on Adani Ports and SEZ, recommended a buy rating on the stock with a target price of Rs 1,410 in a January 8 report.

Over the past six months, shares of the company have surged around 70 percent. In comparison, the benchmark Nifty 50 index has risen around 14 percent during the same time period.

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