Adani Ports sets new record

Adani Ports and Special Economic Zone Ltd's monthly cargo volume grew 19% year-on-year to a record high in May. According to exchange filings, the Adani Group company has managed 36 million metric tonnes of cargo at its ports in May. The total cargo volume so far this year has increased by 16% year-on-year to about 68.5 million metric tonnes.

Adani Ports said the increase in cargo volumes has been across ports and across all three of its segments. Container cargo volumes increased by 24%, dry bulk volumes increased by 12%, and liquid and gas volumes increased by 10% on a year-on-year basis.

The port operator's logistics volume has also shown a "significant" jump, with rail volumes rising 25% year-on-year to nearly 93,000 twenty-foot equivalent units.

Adani Ports said the volume of logistics under the Indian Railways' General Purpose Wagon Investment Scheme has increased by 46% year-on-year to nearly three million metric tonnes.

Shares of Adani Ports were trading 0.42 per cent higher at Rs 735.15 apiece, according to Bloomberg data. While the Nifty was trading flat at 10 by 05:50 am. Of the 21 analysts tracking the stock, all said 'buying'. The consensus price target is indicating a potential growth of 12.14% in 8 months for the stock.