Adani Ports shares hit one-year high! Stock up 31% year-to-date; what's next on charts?

Shares of Adani Ports and Special Economic Zone Ltd extended their winning run for the seventh consecutive session in Monday's trade. The stock rose 2.85 per cent to hit a one-year high of Rs 1,379.95. It was last seen trading 2.32 per cent higher at Rs 1,372.80. At this price, it has gained 30.99 per cent in 2024 so far.

The country's largest ports and logistics firm said it has handled 420 MMT (up 24 per cent YoY) cargo in FY24 (including international ports), with domestic ports contributing over 408 MMT cargo.

"It has also handled its highest ever monthly cargo volumes (including international ports) of over 38 MMT in March 2024. 10 of our ports and terminals handled record cargo volumes: Mundra 180 MMT, Tuna 10 MMT, Hazira 26 MMT, Mormugao 5 MMT, Karaikal 12 MMT, Ennore 13 MMT, Kattupalli 12 MMT, Krishnapatnam 59 MMT, Gangavaram 37 MMT and Dhamra 43 MMT. During FY24, more than one-fourth of all India cargo volumes was routed through APSEZ ports," Adani Ports stated.

Karan Adani, Managing Director at APSEZ, said, "While it took 14 years for the company to achieve the first 100 MMT of annual cargo throughput, the second and third 100 MMT throughputs were achieved in 5 years and 3 years. The latest 100 MMT mark has been achieved in less than two years."

On technical charts, analysts largely remained positive on the coounter. Immediate support could be seen at Rs 1,342.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "The stock has seen a strong resurgence in the last couple of trading weeks. The Rs 1,340-1,330 zone is likely to act as intermediate support, followed by a series of support zones in the Rs 1,300-1,250 range. The counter is expected to continue its northward journey with minor hiccups in the comparable period."

AR Ramachandran from Tips2trades said, "Adani Ports looks bullish on daily charts with strong support at Rs 1,342. A daily close above resistance of Rs 1,390 could lead to an upside target of Rs 1,458 in the near term."

Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "The counter has potential to hit an upside target of Rs 1,650 in the near term. Keep stop loss placed at Rs 1,250."

As of December 2023, promoters held a 65.89 per cent stake in the Adani Group company.