Shares of Adani Ports Ltd and Special Economic Zone Limited rose 2 per cent in Monday’s trade, taking its winning run to the third straight day. The largest integrated domestic transport utility said it crossed 300 million metric tonnes of cargo handling on February 23, in just 329 days, beating its own milestone from last year’s 354 days.
Following the business update, the scrip rose 2.32 per cent to Rs 571.95.
In a filing to BSE, Adani Ports said it has registered unprecedented growth since it started operations over two decades ago and continues to outperform all India cargo volume growth, with its market share rising rapidly.
CEO and Whole Time Director Karan Adani said: “The APSEZтАЩs flagship port, Mundra, is outpacing all its closest rivals by comfortable margins and continues to be the largest port in the nation in terms of volumes handled.тАЭ
The Adani group company said increase in cargo volume handled at its ports is a sign that the nationтАЩs economy is picking up. Almost 95 per cent of the trade volumes in India are carried through maritime transport, it noted.
“Having world-class mega ports is imperative for the Indian coastline. Through concession agreements with various government authorities, APSEZ has strategically built a string of ports (pearls) across the coastline of India along with ICDs (inland container depots) and warehouses, woven intricately with self-owned rakes, covering more than 70 per cent of the hinterland,” Adani Ports said.
Adani Ports said it has seen 4 per cent YoY growth at its container terminals because of its efficient infrastructure.
“The engagement with container lines and the resolve to deliver on commitments has led to more new services at APSEZ terminals, raising volumes. Mundra Port shipped 1,501 fertiliser rakes in the current fiscal year with the total cargo dispatch of 4.8 MMT тАУ the highest ever in the portтАЩs history,” Adani Ports said.
Adani Ports said the ongoing year has seen growth in agri exports due to IndiaтАЩs record high food grain production and the Russia-Ukraine conflict.
“Mundra Port registered a record RO-RO exports тАУ an increase of 18 per cent largely due to long-time customer, Maruti Suzuki India. Hazira has been continuously witnessing sustained growth in chemical volumes YoY due to its proximity to the chemical hub of India. It has seen a 16 per cent growth this year,” Adani Ports said.
Also read: GAIL, Radico Khaitan, Mirza, Finolex Cables: 4 stocks that can rallt up to 15% in near term
Also read: This Adani stock dives 82% in 25 days as most of group’s shares continue to plunge
