Adani Ports Hits Record High as Cargo Volumes Surge by 33% in February

4 Mar 2024 , 10:59 AM

Adani Ports’ share price surged over 1% to reach a record high following a 33% YoY increase in cargo volumes reported for February. The company’s shares rose by 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, marking a 33% growth compared to the previous year. Dhamra Port achieved its highest-ever monthly cargo volume of 4.22 MMT, contributing to the overall growth in cargo handling.

Adani Ports has handled 382 MMT of cargo during the initial 11 months of FY24, indicating a strong possibility of surpassing the 400 MMT mark by the end of the fiscal year.

The company celebrated surpassing the 350 MMT cargo volume mark at its domestic ports in just 318 days. The logistics segment witnessed significant growth, with year-to-date rail volumes up by 21% YoY and GPWIS volumes rising by 40% YoY.

Adani Ports share price has seen a substantial increase of over 53% in the past three months and over 31% year-to-date, while it has surged over 96% in the past year. As of 10:30 am, Adani Ports shares were trading 0.57% higher at ₹1,346.45 apiece on the BSE.

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