Here is why Adani Ports shares were buzzing in trade on December 2

Shares of billionaire Gautam Adani-led port and port services provider, Adani Ports and Special Economic Zone (APSEZ), advanced 2.40 per cent to hit an intra-day high of Rs 1,218.30 on the BSE during intra-day trading on Monday, December 2, 2024. A total of 5.81 million shares, worth Rs 698.35 crore, exchanged hands on the BSE and NSE so far on Monday.

 

Notably, Adani Ports shares were among the top gainers among the 30 constituent stocks of the BSE Sensex.

 

The uptick in the company’s stock price came following its business update. In a regulatory filing, Adani Ports informed the bourses that, “During November 2024, APSEZ handled 36 million metric tons (MMT) of total cargo, driven by containers, which was up by 21 per cent year-on-year (YoY). Till November this year, APSEZ handled 293.7 MMT of total cargo (+7 per cent YoY).”

 

This growth, Adani Ports said, was supported by containers, which were up 19 per cent YoY, followed by liquids and gas (7 per cent). Till November this year, logistics rail volumes grew 10 per cent Y-o-Y to 0.42 million TEUs, and GPWIS volumes grew 15 per cent Y-o-Y to 14.2 MMT.

 

Incorporated in 1998, Adani Ports and Special Economic Zone (APSEZ) is a leading player in India's port infrastructure and logistics industry. The company develops, operates, and maintains port infrastructure and related services. It operates ports and terminals across ten locations in India, handling a diverse range of cargo. APSEZ's ports handle cargo including coal, crude oil, containers, fertilisers, and more. The company boasts a market capitalization of Rs 2,62,456.88 crore on the BSE.

 

At around 2:57 PM on Monday, December 2, 2024, Adani Ports shares were trading at Rs 1,213.65, up 2.02 per cent from its previous close of Rs 1,189.65 on the BSE.

 

The Adani Group stock has a 52-week range of Rs 1,607.95 - Rs 825.25 on the BSE.

 

The company’s shares have yielded a return of 16 per cent year-to-date.

 

Meanwhile, benchmark equity indices BSE Sensex and NSE Nifty50 were trading higher on Monday. The Sensex was trading at 80,216.38 levels, up 413.59 points or 0.52 per cent, while the Nifty50 traded 269.15 points or 1.15 per cent higher at 24,261.85 levels.