Adani Ports Achieves a Record High with a 33% Rise in Cargo Volumes in February

Adani Ports Achieves a Record High with a 33% Rise in Cargo Volumes in February
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Adani Ports handled 382 MMT of cargo for the 11 months of the current fiscal year that concluded in February. Adani Ports’ stock reached a new all-time high in early trading on March 4 following the company’s announcement of a 33% year-over-year increase in cargo volumes in February.

In February, APSEZ handled 35.4 MMT of total cargo, or 33 percent more than it handled a year earlier, according to a filing with the exchanges.
The majority of ports saw an increase in tonnage from year to year, but the Dhamra Port saw its highest-ever monthly cargo of 4.22 MMT.

The ports operator’s shares were trading at Rs 1,352.7 on the NSE at 9:20 a.m. on March 4, up almost 1% from the previous trading session. The corporation handled 382 MMT of freight in the 11 months that concluded in February 2024, suggesting that it is on track to reach 400 MMT before the financial year ends in March. “The company achieved the milestone of surpassing the 350 MMT cargo volume mark at its domestic ports in 318 days,” stated Adani Ports.

The company’s logistics division has seen record growth thus far this year, with rail volumes up 21% year over year to 542,000 TEUs (twenty-foot equivalent units) and General Purpose Wagon Investment Scheme volumes up 40% year over year to about 18 MMT.
In a report dated January 8, Motilal Oswal, who was optimistic about Adani Ports and SEZ, suggested a buy rating on the company, with a target price of Rs 1,410.

Shares of the corporation have increased by over 70% in the last six months. By contrast, over the same time frame, the benchmark Nifty 50 index has increased by about 14%.

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