Adani Ports shares rally nearly 6 percent as cargo volume grows 42 percent in November
Shares of Adani Ports and Special Economic Zone (APSEZ) extended their rally on Dalal Street, rising nearly 6 per cent after the company reported a 42 per cent year-on-year (Y-o-Y) increase in cargo volumes in November 2023, reaching around 36 million metric tones (MMT).
Adani Ports shares were up 5.84 per cent to Rs 875.90 at around 12:40 pm.
The company said it witnessed growth across all three broad cargo categories – dry bulk (over 60 per cent Y-o-Y), containers (over 26 per cent) and liquids and gas (over 23 per cent).
Adani Ports said in the initial eight months of FY24 (April-November 2023), it handled approximately 275 MMT of cargo, marking a 21 per cent Y-o-Y growth and surpassing 70 per cent of its full-year guidance range of 370-390 MMT.
Meanwhile, Adani International Container Terminal Private Limited (AICTPL), a joint venture terminal at Mundra, achieved a significant milestone by handling over 300,000 containers in November, setting a national record. “AICTPL created a national record by handling 3,00,431 TEUs across 97 vessels in November 2023, breaking its own record of 2,98,634 TEUs in March 2021, by handling approximately 10,000 TEUs every day,” the company said.
Two other ports of APSEZ, Dhamra and Ennore, also recorded their highest-ever monthly volumes, handling 3.96 MMT and 65,658 TEUs respectively, the company added.
The company went on to say that its logistics volumes continued to witness record growth with year-to-date (YTD) rail volumes of around 379,000 TEUs (over 23 per cent Y-o-Y) and GPWIS (general purpose wagon investment scheme) volumes of 12.3 MMT (over 44 per cent Y-o-Y). The highest-ever monthly GPWIS volumes were recorded in November 2023 at 1.72 MMT, it added.
Not just Adani Ports, but all listed companies of the Adani Group witnessed a rally on Monday after the Bharatiya Janata Party’s stellar performance in the recently held assembly elections, where it bagged decisive victories in the key Hindi heartland states of Chhattisgarh, Rajasthan and Madhya Pradesh.
