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2 min read | Updated on October 03, 2024, 12:05 IST
SUMMARY
Adani Ports’ shares were trading lower despite the company announcing a 14% YoY rise in the amount of cargo handled in the month of September. The company’s total cargo handled in H1FY25 was up 8.5% YoY with container volumes growing 19% YoY and liquids & gas volumes witnessing an 8% YoY growth.
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Adani Ports September cargo volume up 14% YoY; H1 volumes grow 8.5% YoY.
The company reported that the rise in cargo volumes was propelled by containers which grew by 31% YoY. Liquids and gasses also witnessed growth as they rose 11% YoY.
Adani Ports stated that in H1FY25, Adani Ports’ total cargo handled grew by 8.5% YoY to 219.8 MMT. During the first half of the financial year, the growth in cargo was driven by a rise in container cargo which was up 19% YoY, and liquids & gases which saw an 8% YoY growth.
Further, the company reported that it is on track to meet its FY25 cargo guidance. The Vizhinjam and Gopalpur port’s contribution in the second half of the financial year will help offset the first quarter’s disruption at Gangavaram port.
Moreover, the company stated that its Mundra Port handled over 100 MMT of cargo in 181 days with the total cargo in H1 standing at 101.1 MMT. Adani Ports also reported that the sweating of logistics continued in H1FY25 with rail volumes seeing a growth of 11% YoY to 0.31 million TEUs while GPWIS volumes grew by 20% YoY to 10.7 MMT.
The company recently announced that it signed a memorandum of understanding (MoU) with Abu Dhabi-based Rorix Holdings. Rorix is a global trade facilitator and finance company and Adani Port’s strategic partnership with the company aims to integrate technologies into their trading and logistics platforms. The companies signed the MoU during the UAE-India Business Forum.
Shares of the company have risen by nearly 39% since the beginning of the year. The stock has gained over 75% in the past year.
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