Adani Ports Achieves Record Cargo Surge: Adani Ports, a key player in India’s maritime industry, witnessed its shares hitting an all-time high on March 4 following an impressive 33% year-on-year surge in cargo volumes for February. The company reported handling a substantial 35.4 million metric tonnes (MMT) of total cargo during the month, signifying a robust growth compared to the same period last year. Dhamra Port, one of Adani’s assets, stood out by recording its highest-ever monthly cargo volume at 4.22 MMT, contributing to the overall stellar performance.
In the 11 months leading up to February 2024, Adani Ports efficiently managed 382 MMT of cargo, positioning itself on a trajectory to surpass the remarkable 400 MMT milestone by the end of the current financial year in March. The company proudly noted that it achieved the significant milestone of surpassing the 350 MMT cargo volume mark at its domestic ports in just 318 days. Adani Ports’ logistics arm exhibited robust growth as well, with year-to-date rail volumes surging by 21% year-on-year and General Purpose Wagon Investment Scheme volumes experiencing a notable 40% increase.
Adani Ports and SEZ garnered bullish sentiments from investment analysts, including Motilal Oswal, which 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, the company’s shares demonstrated an impressive performance, surging by around 70%. This remarkable growth outpaced the benchmark Nifty 50 index, which saw a comparatively modest increase of around 14% during the same period. Adani Ports’ stellar performance and continued cargo volume milestones underscore its significance in India’s maritime sector and investor confidence in its future prospects.
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Source: MoneyControl