Updated March 4th, 2024 at 11:56 IST

Adani Ports rises after February cargo volumes zooms 33%

The company February cargo volumes zoomed 33% annually to 35.4 metric tonne.

Reported by: Business Desk
Adani Ports cargo volumes in February | Image:Adani Ports
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Adani Ports shares rise: Shares of Adani Ports and Special Economic Zone (APSEZ) soared as much as 1.28 per cent to hit a fresh 52-week high of Rs 1,356 per share after the company announced its February cargo volumes zoomed 33 per cent annually to 35.4 metric tonne.

In an exchange filing, the company said, “APSEZ handled 35.4 million metric tonnes (MMT) of total cargo, implying a healthy 33 per cent year-on-year (YoY) growth. While most ports observed a YoY jump in volumes, Dhamra Port recorded its highest-ever monthly cargo of 4.22 MMT.” 

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Meanwhile, during the initial 11 months (April 2023-February 2024) of financial year 2024 (FY24), the company has handled 382 MMT of cargo, implying that it is well on track to surpass the 400 MMT mark before the end of the current financial year. 

Additionally, APSEZ claims to have surpassed the 350 MMT cargo volume mark at its domestic ports in 318 days. “Record growth continued in the logistics segment with year-to-date (YTD) rail volumes of around 542,000 twenty-foot equivalent units (+21 per cent YoY) and GPWIS volumes of around 18 MMT (+40 per cent),” APSEZ added.

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As of 9:26 am, shares of Adani Ports were trading 1 per cent higher at Rs 1,352.25 per share.

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Published March 4th, 2024 at 09:34 IST