Adani Ports Shares Gain After This Positive Business Update: Details Inside

The share price of Adani group firm Adani Ports And Special Economic Zone Ltd. (APSEZ) rose over 1% at one point on Tuesday (October 3) after the company said that during H1FY24, Adani Ports managed a lifetime high of 203 MMT of total cargo.

In its business update for the month of September, the company today said that during September 2023, APSEZ recorded cargo volumes of 32.8 MMT (+26% YoY) with all key ports delivering double-digit growth. This growth was contributed by all three cargo types - dry bulk (+32%), containers (+20%), and liquids & gas (+21%).

As per the announcement, during 1H FY24 (Apr-Sep' 23) APSEZ managed 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 ~18% to 74.8 MMT and dry bulk growth of ~10% to 106.3 MMT.
The company said, "Logistics business continues to record significant growth, with the highest-ever half-yearly rail volumes of 279,177 TEUs (+25% YoY) and GPWIS volumes of 8.92 MMT (+42%)."

Today, the share price of Adani Ports was spotted trading 0.47% higher at Rs 828.10 per share at 11:49 am IST.
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.

The domestic equity market traded on a negative note today. The two benchmark indices Sensex and Nifty were down 0.54% and 0.64% at 65,475.98 and 19,513.10 points respectively.