Adani Ports share price hits record high as cargo volumes surge 33% in February

Adani Ports share price gained over a percent to hit a record high level on Monday after the company reported a 33% year-on-year (YoY) rise in cargo volumes during February. Adani Ports shares rose as much as 1.32% to ₹1,356.50 apiece on the BSE.

Adani Ports and Special Economic Zone handled 35.4 MMT of total cargo in February, registering a growth of 33% from the volumes handled a year back.

While most ports observed a YoY jump in volumes, Dhamra Port recorded its highest-ever monthly cargo of 4.22 MMT, Adani Ports said in a regulatory filing.

During the initial 11 months of FY24, which is April 2023 to February 2024, Adani Ports already handled 382 MMT of cargo, implying that it is well on track to surpass the 400 MMT mark before the end of the current financial year. 

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“The company achieved the milestone of surpassing the 350 MMT cargo volume mark at its domestic ports in 318 days,” the Adani Group company said.

The logistics segment of the company continued to see record growth as year-to-date (YTD) rail volumes grew 21% YoY to around 542,000 TEUs (twenty-foot equivalent unit) and GPWIS volumes of around 18 MMT, a rise of 40% YoY.

Adani Ports share price has jumped more than 53% in the past three months, while the stock is up over 31% YTD. In the past one year, Adani Ports shares have risen over 96%.

At 10:30 am, Adani Ports shares were trading 0.57% higher at ₹1,346.45 apiece on the BSE.

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