Adani Ports and Special Economic Zone posted strong cargo numbers for October, sending its shares soaring.
What Happened: The port operator and logistics company reported a 48% growth to 37 million metric tonnes in cargo handling for October compared with a year ago. Notably, the firm said its Haifa Port in Israel also delivered amid the ongoing conflict in the region, handling over 1.1 million metric tonnes of cargo in October, slightly surpassing the average cargo volume of the previous six months.
For the first seven months of the fiscal year, Adani Ports managed 240 million metric tonnes of total cargo, a growth of 18%. Dry bulk, liquids and containers all achieved double-digit year-on-year growth.
Strong Numbers: The logistics business segment also delivered exceptional performance, with a 24% year-on-year growth in rail twenty-foot equivalent units and a 43% growth in bulk cargo volumes. The total container volumes handled reached around 328,000 twenty-foot equivalent units.
In the initial seven months, Adani Ports accommodated about 5,700 ships and serviced 27,300 rakes, including some of the largest ships ever handled by the respective port.
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Its flagship Mundra Port set a new record by handling 16 million metric tonnes of cargo in a single month, representing a 9% growth on a year-to-date basis. Other key ports in the APSEZ network also reported robust traffic, indicating a strong performance.
Price Action: Adani Ports’ share price shot up 2.97% to ₹797.30 around noon on Friday.
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