A Year of 100% Returns; Adani Stock Reaches Pre-Hindenburg Level After Major Update and All-Time High
In early trading on March 4, shares of Adani Ports and Special Economic Zone Limited (APSEZ) surged to an all-time high. This increase followed a 33% year-over-year increase in cargo volumes in February, which was reported in a filing with the exchanges.
As to the release, APSEZ effectively managed 35.4 million metric tons (MMT) of overall cargo last month, which represents a 33% increase in comparison to the quantities handled during the same time last year. Although this increasing tendency was seen in all the ports, Dhamra Port was the most notable, with its greatest monthly cargo of 4.22 MMT.
Adani Ports’ shares were trading at Rs 1,352.7 on the National Stock Exchange (NSE) at 9:20 am on March 4, up 1% from the previous trading session. The company’s shares have increased significantly during the last six months—by over 70%. By comparison, throughout the same time, the benchmark Nifty 50 index managed to gain by just around 14%.
Remarkably, the business’s success goes beyond the last month; in the eleven months before February 2024, APSEZ skillfully handled a staggering 382 MMT of freight. With this achievement, the firm is now on a good path to exceed 400 MMT by the end of the fiscal year in March. “The company achieved the milestone of surpassing the 350 MMT cargo volume mark at its domestic ports in 318 days,” said Adani Ports with pride.
The company’s logistics division, which saw record development in a number of areas, also made a substantial contribution to this success story. The rail industry has seen a 21% rise in volume year over year to far, with 542,000 TEUs (twenty-foot equivalent units). Meanwhile, the General Purpose Wagon Investment Scheme has seen a 40% increase in volume year over year to about 18 MMT.
As of 10:55 am, the company’s shares were up about 1% on the NSE, trading at Rs 1,350 per share. This is an almost 100% increase in just the previous year alone.
