Adani Ports record 10% YoY growth in cargo volumes during Feb 2023; stock ends 3.5% up

Adani Ports record a 10% year-on-year growth in cargo handled during February 2023. The company on Thursday announced its operational performance for the same month. Amidst allegations and chaos in the Gautam Adani-backed empire, Adani Ports is among the few stocks of the conglomerate to witness buying sentiment.

Adani Ports stock has been in the green for the past six consecutive days.

As per the regulatory filing, Adani Ports handed a total cargo volume of 26.5 MMT — rising by 10% YoY in February 2023. However, compared to the previous month’s volume, the latest reading is down by nearly 3.98%.

In January 2023, Adani Ports handled cargo of 27.6 MMT.

So far in FY23, between April to February, the company clocked a cargo volume of 307 MMT — registering a growth of 8.5% compared to the corresponding period of the previous year.

On BSE, Adani Ports share price closed at ₹623.20 apiece up by 3.50%. The company’s market cap is around ₹1,34,619.86 crore.

In the group, Adani Ports is the second largest company in terms of market share after Adani Enterprises.

The company’s stock has been in focus after a series of block deals. As per reports, the block deals are likely to have been carried out by institutional investors or promoters of the group.
Adani Ports’ share price has been in the green since February 23. It has risen by nearly 14% in these six trading sessions.

Adani Group is currently facing scrutiny from Sebi after the apex court formed a 6-member committee to look into regulatory mechanisms to protect investors’ after the US-based short seller Hindenburg’s report fuelled large investor losses. The court asked the market watchdog to investigate the allegations highlighted by Hindenburg against Adani Group on whether there was any stock manipulation or violation.
Source: Livemint