Shares of Adani Ports continued to make gains for the seventh straight session on Monday as the ports giant posted its business update for the month of March.

What Happened: Adani Ports announced that it managed a global cargo throughput of 420 million metric tonnes in FY2024. This includes over 408 MMT of cargo handled through its domestic ports, marking a 24% increase compared to the previous year. The company also recorded its highest ever monthly cargo volumes of over 38 million metric tonnes in March 2024. This was also higher than the cargo volume guidance of 370 million metric tonnes – 390 million metric tonnes provided at the start of the financial year.

This milestone was driven by double-digit growth across all major cargo types—dry, container, and liquid—at eight of its ports, which accounted for 84% of the total volume, the company said in a press release. Mundra Port handled more than 7.4 million Twenty-foot Equivalent Units (TEUs).

See Also: How To Check Trust Fintech IPO Allotment Status

Karan Adani, Managing Director of APSEZ, highlighted the company’s rapid growth trajectory, stating, “While it took 14 years for the company to achieve the first 100 MMT of annual cargo throughput, the second and third 100 MMT throughputs were achieved in 5 years and 3 years, respectively. The latest 100 MMT mark has been achieved in less than two years.” He attributed this success to the company’s commitment to operational efficiencies and maintaining a leading position in the industry.

Last month, HSBC maintained a "buy" rating and a price target of ₹1,560 on the Adani Group stock. Analysts highlighted the company’s potential as a long-term play on India's trade and infrastructure growth, expecting its diverse cargo base to provide a buffer against near-term uncertainties.

Last week the company also announced the acquisition of a 95% stake in Odisha's Gopalpur Port. This move aims to strengthen its presence on the east coast, further cementing its status as India's largest private port operator. The acquisition involved purchasing stakes from the Shapoorji Pallonji Group and Orissa Stevedores.

Price Action: Adani Ports’ share price was up 1.76% to trade at ₹1,365.50 in early trade on Monday. The stock hit a new all-time high of ₹1,367.70 earlier today.

Read Next: Why Shares Of This Railway Stock Are Up 4% Today