Adani Ports Reports 12% Growth In Cargo Volumes In June

Adani Ports and Special Economic Zone has reported a growth in its operational performance for June 2024 and the April-June quarter. The company has attributed this growth to an increase in containers and liquids & gas segments.

What Happened: The ports giant announced on Tuesday that it handled 37 million metric tonnes of cargo volume in June 2024, a 12% increase from the previous year. The company’s Kattupalli Port also achieved a record monthly cargo volume of 1.36 million metric tonnes.

For the June quarter, the Adani Group company reported a total cargo volume of 109 million metric tonnes, marking a 7.5% YoY increase. The company also saw a 19% YoY increase in quarterly rail volumes, which reached 1.56 lakh twenty-foot equivalent units. General Purpose Wagon Investment Scheme volumes also increased by 28% YoY, reaching 55.6 lakh metric tonnes.

See Also: Nomura Turns Bullish On Indian IT Stocks, Upgrades Infosys, Wipro, HCLTech To ‘Buy’

In June, Kotak Securities maintained a “buy” rating for Adani Ports and increased the target price to ₹1,650 from ₹1,550. The firm cited Adani Ports’ consistent outperformance and anticipated margin improvements as reasons for the positive outlook.

Earlier today, U.S. short-seller Hindenburg Research received a “show cause” notice from the Securities and Exchange Board of India (SEBI) for suspected violations of Indian regulations over shorting Adani Group last year.

Price Action: Adani Ports’ share price was down 0.13% to trade at ₹1,472.55 on Tuesday afternoon.

Read Next: Angel One Shares Slump 8% After New Sebi Directive, Brokerage Slashes Target By 21%