Adani Ports share price surged over 1% to reach an all-time high on Monday following the company’s announcement of a remarkable 33% year-on-year increase in cargo volumes for February. This impressive growth propelled Adani Ports shares up by 1.32% to ₹1,356.50 each on the Bombay Stock Exchange (BSE).
In February, Adani Ports and Special Economic Zone managed a total cargo throughput of 35.4 million metric tonnes (MMT), marking a substantial 33% surge compared to the volumes handled during the same period last year.
Adani Ports noted in a regulatory filing that while many ports experienced a year-on-year increase in volumes, Dhamra Port achieved its highest-ever monthly cargo throughput of 4.22 million metric tonnes (MMT).
In the initial 11 months of FY24, spanning from April 2023 to February 2024, Adani Ports efficiently managed to handle a staggering 382 million metric tonnes (MMT) of cargo. This achievement indicates that the company is firmly on course to surpass the significant milestone of 400 MMT before the conclusion of the current financial year.
Adani Ports’ share price
The company achieved the milestone of surpassing the 350 MMT cargo volume mark at its domestic ports in 318 days, according to the Adani Group.
The logistics segment of the company maintained its remarkable growth trajectory, with year-to-date (YTD) rail volumes surging by 21% year-on-year (YoY) to approximately 542,000 TEUs (twenty-foot equivalent units). Additionally, GPWIS volumes reached around 18 MMT, marking an impressive 40% YoY increase.
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The share price of Adani Ports has surged by over 53% in the last three months, with the stock showing a YTD increase of more than 31%. Over the past year, Adani Ports shares have experienced a remarkable rise of over 96%.
As of 10:30 am, Adani Ports shares were trading at ₹1,346.45 apiece on the BSE, marking a 0.57% increase from the previous session.
