Adani Ports' Total Cargo Volume Rises In August Despite Loss Of Four Days
The loss of four working days in Mundra and Tuna ports was due to inclement water in Kutch.
Adani Ports & Special Economic Zone Ltd. total cargo volume grew 5% on the year despite the loss of four working days in Mundra and Tuna ports. The Adani Group handled 36.1 million tonne of cargo in August 2024, according to an exchange filing on Monday.
The loss of four working days in Mundra and Tuna ports was due to inclement water in Kutch, the company said in the filing. Containers, which saw 11% on the year growth in August, helped clock 36.1 million tonne of cargo.
In five months of financial year 2024-25, Adani Ports managed 182.4 million tonne total cargo, which implied 7% on the year growth. Containers, liquids, and gas drove the growth, the exchange filing said.
Moreover, Kattupalli Port handled its highest ever monthly volume of 1.4 million tonne in August 2024, Adani Ports said.
Shares of Adani Ports rebounded 0.77% to Rs 1,493.70, erasing earlier losses. It was trading 0.41% higher at Rs 1,487.95 as of 10:34 a.m., compared to 0.39% advance in the NSE Nifty 50 index.
The stock has gained 85.75% in last 12 months and 45.19% on year to date basis. The relative strength index was at 38.45.
Out of 18 analysts tracking the company, 16 maintain a 'buy' rating and two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 17.4%
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