Adani Ports share price has been on a bull run for the third straight session today and gained 6%. The Adani Ports share price today rose over 3% and hovered near its 52-week high level. Adani Ports & Special Economic Zone share price opened at ₹1,048.90 apiece on BSE, and touched intraday high of ₹1,082.50 and low of ₹1,030.85 per share. Adani Ports and SEZ stock price closed at ₹1,078 apiece. Adani Ports and SEZ share price has been among the top gainers of Nifty 50 for the second straight session.
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The stock’s positive sentiment continued to rise after the release of upbeat volume data for the December quarter. In December 2023, the company reported in its exchange filing that its cargo volumes increased 42% year over year (YoY). The volume of cargo handled by Adani Ports and Special Economic Zone Ltd was 35.65 million tonnes (MT).
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“The stock has experienced a significant breakout above its resistance level of 1060. With the overall trend being positive, the stock appears to be a good buy on dips between the 1040 to 1050 zone, with a strict stop loss placed below the 1020 mark. The upside looks likely towards 1100 and 1150 in a spree of momentum rally,” said Riyank Arora, Technical Analyst at Mehta Equities Ltd.
The company has surpassed the upper end of the guidance range (370-390 MMT) given at the beginning of the current financial year and is now aiming for over 400 MMT of cargo volumes in FY24.
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The company’s handling of dry bulk cargo increased by 63%, while its handling of containers saw a YoY increase of more than 28%. Adani Ports handled approximately 109 MMT of cargo overall for the quarter that ended in December, of which approximately 106 MMT came from its portfolio of domestic ports. Adani Ports handled about 311 MMT of total cargo in the first nine months of FY 24, a solid 23% YoY growth.
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“Adani Ports & Special Economic Zone (APSEZ) crossed the 300 MMT cargo mark in just 266 days versus its previous best of 329 days in the previous financial year. This milestone only proves that our strategy of driving operational efficiencies to achieve industry leading growth is yielding the desired results. We are now targeting over 400 MMT of cargo volumes in FY24, surpassing the upper end of the guidance range (370-390 MMT) provided at the start of the current financial year,” said Karan Adani, CEO and Whole Time Director, APSEZ.
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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 02 Jan 2024, 03:40 PM IST