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Adani Ports Shares Rally 6% on Strong Cargo Volume Growth

The company operates 13 ports and terminals in India.

Shares of Adani Ports and Special Economic Zone were trading 6% higher on 4 December after the company announced that its cargo volume rose by 42% year-on-year to 36 million metric tonnes (MMT) during the month of November.

In its regulatory filing, the company said that it has witnessed significant growth across all three board cargo categories, including dry bulk, containers, and liquid and gas. The dry bulk volumes surged by 60% YoY, whereas the containers increased by 26% YoY, while liquid and gas gained by 23% YoY.

The company also said that their Joint Venture (JV) terminal in Mundra, Adani International Container Terminal Pvt Ltd, has reached a new milestone by becoming the first terminal in India to handle more than 3,00,000 containers in the month of November.

The other two ports of the company, Dhamra and Ennore, also reported their highest-ever monthly volumes. The Ennore port handled 65,658 Twenty-foot Equivalent Units (TEUs), whereas the Dhamra port handled 3.96 MMT in November.

The logistics volume of the company continues to witness record growth, with year-to-date rail volumes of over 379,000 TEUs and general-purpose wagon investment scheme volumes of 12.3 MMT.

At 3:30 pm, the shares of Adani Ports closed 6.15% higher at Rs 878.70 on NSE.

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