Adani Ports shares tumble 4% after co shares October business update
Adani Ports and Special Economic Zone (APSEZ) fell by 4% to their day’s low of Rs 1,336.30 on the BSE after the company shared its October business update wherein it has reported handling of 37.9 MMT of cargo.
The company stated that the achieved volume was in alignment with their yearly volume target.
Year-to-date (YTD) for October 2024, the company managed 257.7 MMT of cargo, reflecting an 8% year-on-year increase, driven by a 19% rise in container volumes and a 9% growth in liquids and gas.
Additionally, YTD logistics rail volumes grew by 11% to 0.36 million TEUs, while GPWIS volumes saw an 18% rise to 12.5 MMT.
In its Q2 results, Adani Ports reported that it had clocked 220 MMT of cargo volume in the second quarter of FY25, which was up by 9% YoY in H1 FY25. The growth was primarily driven by containers.
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