Adani Group Stocks Extend Plunge — Why Ports Company Is Charting An Exception Today

Adani Group’s Adani Ports and Special Economic Zone continued its two-session gaining streak as the market opened on Monday even as all other listed stocks of the group opened another week in the red.

What Happened: The company’s plan was revealed by Gujarat’s Chief Minister Bhupendra Patel in the Gujarat Assembly. Answering a question in the assembly, Patel informed that the company looked to get 93,900 square metres of land in Khodiyar village in Ahmedabad and Dantali village in Gandhinagar.

The company proposed exchanging the same land area it holds in these areas. The company has also extended a proposal to acquire 202 square metres of non-arable land in Jaspur village in Gandhinagar.  

See Also: Adani Green Scores ₹3600-Cr International Deal — Markets Still Unimpressed As Shares Fall 5%

The company on Sunday also informed that it crossed 300 MMT of cargo handling on Feb.23. In a press release, the company said that it reached the number “in just 329 days, beating its own
milestone from last year of 354 days.” The company added that an increase in cargo volume handled at ports is indicative of the country's economy picking up.

The company’s CEO and Gautam Adani‘s son Karan Adani said that "the improvement in cargo volumes is testimony to the faith that our customers have in the company.”

Price Action: Shares of Adani Ports were up 0.63% to ₹562.80 as the markets opened on Monday.

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