Adani Ports shares hit record high as cargo volumes rose 33% in February
Adani Ports stock climbed to a record of Rs 1356.50 on Monday against the previous close of Rs 1338.80 on BSE. The stock fell to a 52 week low of Rs 571.35 on March 28, 2023
- Mar 4, 2024,
- Updated Mar 4, 2024 4:43 PM IST
Shares of Adani Ports and Special Economic Zone Ltd (APSEZ) hit a record high today after Adani Group firm reported a 33 percent on-year rise in cargo volumes in February. APSEZ handled 35.4 MMT of total cargo in February, which is around 33 percent higher than volumes handled a year back. Adani Ports stock climbed to a record of Rs 1356.50 on Monday against the previous close of Rs 1338.80 on BSE. The stock fell to a 52 week low of Rs 571.35 on March 28, 2023
Later, the stock ended flat at Rs 1342.60 on BSE. Market cap of the firm climbed to Rs 2.90 lakh crore on BSE. Total 1.81 lakh shares of the firm changed hands amounting to a turnover of Rs 2.9 lakh crore.
While most ports observed a year-on-year jump in volumes, the Dhamra Port recorded its highest-ever monthly cargo of 4.22 MMT, said Adani Ports.
In the first 11 months (Apr’23-Feb’24) of FY24, APSEZ has already handled 382 MMT of cargo, implying that it was well on track to surpass the 400 MMT mark before the end of the current financial year.
The company achieved the milestone of surpassing the 350 MMT cargo volume mark at its domestic ports in 318 days, it added.
Adani Ports stock has a one-year beta of 0.6, indicating very low volatility during the period.
Adani Ports shares have gained 96.19 per cent in one year and risen 28.10% in 2024. In terms of technicals, the relative strength index (RSI) of Adani Ports stands at 66.5, signaling it's trading neither in the overbought nor in the oversold zone. Adani Ports shares stand higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Shares of Adani Ports and Special Economic Zone Ltd (APSEZ) hit a record high today after Adani Group firm reported a 33 percent on-year rise in cargo volumes in February. APSEZ handled 35.4 MMT of total cargo in February, which is around 33 percent higher than volumes handled a year back. Adani Ports stock climbed to a record of Rs 1356.50 on Monday against the previous close of Rs 1338.80 on BSE. The stock fell to a 52 week low of Rs 571.35 on March 28, 2023
Later, the stock ended flat at Rs 1342.60 on BSE. Market cap of the firm climbed to Rs 2.90 lakh crore on BSE. Total 1.81 lakh shares of the firm changed hands amounting to a turnover of Rs 2.9 lakh crore.
While most ports observed a year-on-year jump in volumes, the Dhamra Port recorded its highest-ever monthly cargo of 4.22 MMT, said Adani Ports.
In the first 11 months (Apr’23-Feb’24) of FY24, APSEZ has already handled 382 MMT of cargo, implying that it was well on track to surpass the 400 MMT mark before the end of the current financial year.
The company achieved the milestone of surpassing the 350 MMT cargo volume mark at its domestic ports in 318 days, it added.
Adani Ports stock has a one-year beta of 0.6, indicating very low volatility during the period.
Adani Ports shares have gained 96.19 per cent in one year and risen 28.10% in 2024. In terms of technicals, the relative strength index (RSI) of Adani Ports stands at 66.5, signaling it's trading neither in the overbought nor in the oversold zone. Adani Ports shares stand higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.