Adani Ports surges on 42% rise in November cargo volumes

ani Ports shares surged as much as 6.70 per cent after company posted a 42 per cent surge in cargo volumes for month of vember 2023 year-on-year.

"In initial eight months of FY 24 (April–vember 2023), APSEZ handled around 275 MMT of cargo, a healthy 21 per year-over-year growth. This marks over 70 per cent of top-end of its full-year guidance range of 370–390 MMT," said company in an exchange filing.

ani Ports witnessed significant growth across all major cargo categories in ir business, including dry bulk, containers, and liquids and gas, recording year-on-year increases of over 60 per cent, 26 per cent, and 23 per cent respectively. company reported handling around 275 million metric tonnes of cargo in initial eight months of FY 2023-24, marking a robust 21 per cent year-on-year growth, as per exchange filing.

"Logistics volumes continue to witness record growth with year-to-date (YTD) rail volumes of around 379,000 TEUs (over 23 per cent YoY) and GPWIS (general purpose waggon investment scheme) volumes of 12.3 MMT (over 44 per cent YoY). highest-ever monthly GPWIS volumes were recorded in vember 2023 at 1.72 MMT," it said.

anuncement led to a substantial surge in ani Ports and Special Ecomic Zone shares, rising approximately 7 per cent to reach Rs 883.35 on Monday, resulting in a total market capitalization of over Rs 1.9 lakh crore. This surge follows previous settlements at Rs 872.55 during previous tring session on Friday.

stock has seen an impressive surge of about 125 per cent from its 52-week low of Rs 395 in February 2023, which followed Hindenburg Research's critical report on ani Group stocks. Over past six months, stock has surged by 20 per cent, while maintaining nearly flat growth on a year-to-date basis.

confidence of market received a boost from recent election results, with BJP securing a clear mandate to form governments in Rajasthan, Chhattisgarh, and Mhya Presh. This positive political development resulted in a surge in ani Group shares during early tre, with ani Enterprises, group's flagship company, hitting an upper circuit of 10 per cent.

As of 12:22 pm, shares of ani Ports were tring at Rs 870.95, 5.21 per cent higher than previous close on NSE.