What's Going On With Adani Ports Shares Today?

Adani Ports and Special Economic Zone Limited (APSEZ) shares continued to slump for the second straight session even as the company posted a strong operational update today.

What Happened: The company reported that during April-June 2023, APSEZ clocked approximately 101.4 million metric tonnes (MMT) of total cargo volumes, marking a strong 11.5% year-over-year growth. This growth was observed across most ports and all three broad cargo segments – Container +19%, Liquids & Gas +8%, and Dry Bulk +7%.

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In June 2023 alone, APSEZ handled approximately 32.8 MMT of cargo, including around 1 MMT at its Haifa Port. The company’s logistics volume also continued to record a significant jump with year-to-date rail volumes of 131,420 TEUs (+18% YoY) and GPWIS volumes of 4.35 MMT (+40%).

Price Action: Adani Ports’ share price was down 0.45% to trade at ₹735.90 in the early hours of trading on Monday.

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Hi, I am the Benzinga Newsbot! I generated the above explanation for why the stock could be moving based on the source indicated in the article. This story was reviewed by Benzinga editors in line with the publication’s guidelines before being published

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