Adani Ports saw a remarkable surge in its shares, hitting an all-time high during early trading on March 4 following a notable 33 per cent year-on-year (YoY) increase in cargo volumes in February. As per the company's disclosure to the exchanges, APSEZ managed a total cargo handling of 35.4 MMT in February, marking a substantial uptick of 33 per cent compared to the volumes handled in the previous year.
While a majority of ports experienced a notable rise in volumes, Dhamra Port recorded its highest-ever monthly cargo volume of 4.22 MMT. At 9:20 am on Monday, shares of the ports operator were trading at Rs 1,352.7 on the NSE, reflecting an increase of approximately 1 per cent from the previous session's close.
In the eleven months leading up to February 2024, the company successfully handled 382 MMT of cargo, indicating a promising trajectory towards surpassing the 400 MMT milestone before the end of the financial year in March. Adani Ports stated, "The company achieved the milestone of surpassing the 350 MMT cargo volume mark at its domestic ports in 318 days."
The company's logistics division continued its robust growth momentum, with year-to-date rail volumes witnessing a 21 per cent year-on-year increase, totalling 542,000 TEUs (twenty-foot equivalent unit), and General Purpose Wagon Investment Scheme volumes reaching around 18 MMT, marking a 40 per cent year-on-year surge.
Motilal Oswal, expressing optimism towards Adani Ports and SEZ, recommended a buy rating on the stock with a target price of Rs 1,410 in a report dated January 8. Over the past six months, the company's shares have soared by about 70 per cent. In contrast, the benchmark Nifty 50 index has seen a rise of around 14 per cent during the same period.
At 1.45 pm, APSEZ's shares are trading at Rs 1346.50, up 0.58 per cent, on the BSE.