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Adani Ports share price jumped 1% on NSE to hit an intraday high of Rs 835 on Tuesday after the Adani group company shared business update for the month of September. During H1FY24, the company managed a lifetime high of 202.6 MMT of total cargo, thereby crossing the 200 MMT milestone in the initial six months of the year.
This growth is supported by all key ports in the APSEZ portfolio, with container cargo growth of around 18 percent to 74.8 MMT and dry bulk growth of around 10 percent to 106.3 MMT. Adani Ports operates five ports and terminals on the east coast — Dhamra in Odisha; Gangavaram and Krishnapatnam in Andhra Pradesh; and Kattupalli and Ennore in Tamil Nadu.
Adani Ports’ logistics business continued to record significant growth, with the highest-ever half-yearly rail volumes of 279,177 TEUs (up 25 percent YoY) and GPWIS volumes of 8.92 MMT (up 42 percent) .
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Adani Ports recorded cargo volumes of 32.8 MMT, up 26 percent year-on-year, with all key ports delivering double-digit growth last month. This growth is contributed by all three cargo types – dry bulk (up 32 percent), containers ( up 20 percent) and liquids & gas (up 21 percent), Adani Ports informed in a regulatory filing on 3 October 2023.
In August, Adani Ports’ total cargo volume rose 17 percent from a year ago to 34.2 MMT. Adani Ports has six ports and terminals on the west coast — Mundra, Dahej, Tuna, and Hazira in Gujarat; Mormugao in Goa; and Dighi in Maharashtra.
Also Read | Eicher Motors falls 3% as Royal Enfield sales drop at home, abroad
Adani Ports’ share price has jumped 33 percent so far this year. The stock has a 1-year Beta of 1.94, implying very high volatility. Adani Ports shares are trading higher above their 5 day, 10 day, and 20 day, 50 day, 100 day and 200 day moving averages, according to Trendlyne data.
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