The stock of Adani Ports and Special Economic Zone (APSEZ) achieved a new pinnacle on Monday, buoyed by a surge in cargo volumes reported for February.
During early trading hours on the Bombay Stock Exchange (BSE), the company's stock price ascended by more than 1 percent, reaching Rs 1,356.50 per share.
Nevertheless, Adani Group shares relinquished some of their gains, trading at 0.38 percent higher at Rs 1,343.85 around 11:57 am.
In February, Adani Ports and Special Economic Zone handled a total cargo volume of 35.4 million metric tonnes (MMT), denoting a 33 percent upswing compared to the corresponding period last year.
As per a regulatory filing by Adani Ports, Dhamra Port achieved its highest-ever monthly cargo volume of 4.22 MMT.
For the first eleven months of the fiscal year 2023-24 (from April 2023 to February 2024), Adani Ports has already managed 382 MMT of cargo, positioning the company on a trajectory to surpass the 400 MMT milestone before the fiscal year concludes.
In a significant feat, Adani Ports reached the 350 MMT cargo volume mark at its domestic ports in a mere 318 days.
Meanwhile, the logistics segment of Adani Ports witnessed sustained growth, with year-to-date (YTD) rail volumes surging by 21 percent year-on-year to approximately 542,000 TEUs (twenty-foot equivalent unit), and GPWIS volumes escalating by 40 percent YoY to around 18 MMT.
In terms of stock performance, Adani Ports' shares have surged by more than 67 percent over the past six months and have appreciated by over 28 percent year-to-date.
Over the past year, Adani Ports shares have experienced a remarkable surge of over 94 percent.
