Adani Ports gains 3%, hits new high on improved business outlook

In Q1FY23, the company reported a record EBITDA of Rs 3,005 crore, up 11 per cent YoY on the back of revenue growth for the ports and logistics business

Shares of Adani Ports Special Economic Zone (APSEZ) hit a new high of Rs 934, up 3 per cent on the BSE in Monday's intra-day trade. The stock has surged 10 per cent in the past one week, and 19 per cent in the past month on the back of improved business outlook, and strong earnings in the June quarter of the on-going fiscal (Q1FY23). In comparison, the S&P BSE Sensex was up 1 per cent during the month.

Q1FY23 was the strongest quarter in APSEZ's history, with a record cargo volume and highest ever quarterly EBITDA. The company reported