Shares of Adani Ports surged to a fresh all-time high in early trade on March 4 after the company reported a large increase in cargo volumes in February.
What Happened: According to a filing with the exchanges, Adani Ports handled 35.4 million metric tonnes of total cargo in February, marking a significant 33% rise compared to volumes handled a year ago.
While most ports observed a year-on-year increase in volumes, the Dhamra Port recorded its highest-ever monthly cargo of 4.22 million metric tonnes.
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In the 11 months ended February 2024, the company handled 382 million metric tonnes of cargo, indicating that it is well on track to surpass the 400 million metric tonne mark before the end of the financial year in March. “The company achieved the milestone of surpassing the 350 MMT cargo volume mark at its domestic ports in 318 days,” Adani Ports said.
The firm’s logistics arm continued to witness record growth, with year-to-date rail volumes up by 21% year-on-year at 542,000 TEUs (twenty-foot equivalent unit) and general purpose wagon investment scheme volumes of around 18 million metric tonnes, up by 40% year-on-year.
Motilal Oswal, bullish on Adani Ports and SEZ, recommended a “buy” rating on the stock with a target price of ₹1,410 in a report dated January 8.
Price Action: Adani Ports’ share price was up 0.55% at ₹1,345.60 in morning trade on Monday.
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