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Adani Ports shares have been in uptrend since early morning deals on Wednesday. After announcement of strong FY23 business update by this Adani group company, Adani Ports share price today opened upside and went on to hit intraday high of ₹639.80 apiece on NSE, logging around 1.50 per cent rise from its Monday close of ₹627.80 levels.
Adani Ports shares have been in uptrend since early morning deals on Wednesday. After announcement of strong FY23 business update by this Adani group company, Adani Ports share price today opened upside and went on to hit intraday high of ₹639.80 apiece on NSE, logging around 1.50 per cent rise from its Monday close of ₹627.80 levels.
According to stock market experts, Adani Ports shares are rising today due to positive FY23 business update declared by the Adani group company. The company has reported 9 per cent year-on-year (YoY) growth. The overall container volumes handled by APSEZ in India jumped to ~8.6 MTUs (+5% YoY), including ~6.6 MTEUs at Mundra alone. Experts suggested stock market positional investors to maintain ‘buy on dips’ strategy in this flagship Adani group company stock as the stock is trading in ₹600 to ₹700 range with positive bias.
According to stock market experts, Adani Ports shares are rising today due to positive FY23 business update declared by the Adani group company. The company has reported 9 per cent year-on-year (YoY) growth. The overall container volumes handled by APSEZ in India jumped to ~8.6 MTUs (+5% YoY), including ~6.6 MTEUs at Mundra alone. Experts suggested stock market positional investors to maintain ‘buy on dips’ strategy in this flagship Adani group company stock as the stock is trading in ₹600 to ₹700 range with positive bias.
Adani Ports share price target
On why Adani Ports share price is rising today, Ravi Singhal, CEO at GCL Broking said, “Adani Ports share price is rising today after positive FY23 business update shared by the Adani group company with Indian exchanges today. The company has claimed 9 per cent YoY growth and it continues to clock largest port cargo volume ever. APSEZ’s deep draft ports can receive larger vessel parcels, thereby lowering overall logistics cost.”
Adani Ports share price target
On why Adani Ports share price is rising today, Ravi Singhal, CEO at GCL Broking said, “Adani Ports share price is rising today after positive FY23 business update shared by the Adani group company with Indian exchanges today. The company has claimed 9 per cent YoY growth and it continues to clock largest port cargo volume ever. APSEZ’s deep draft ports can receive larger vessel parcels, thereby lowering overall logistics cost.”
Advising stock market investors to maintain ‘buy on dips’ strategy in regard to Adani Ports shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Adani Ports share price is in ₹600 to ₹700 apiece range and it is looking positive on chart pattern. So, one should maintain buy on dips strategy for near term targets of ₹650 and ₹700 per share. Those who have this stock in their portfolio are advised to maintain stop loss at ₹580 and keep on accumulating on every big dip in the scrip.”
Advising stock market investors to maintain ‘buy on dips’ strategy in regard to Adani Ports shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Adani Ports share price is in ₹600 to ₹700 apiece range and it is looking positive on chart pattern. So, one should maintain buy on dips strategy for near term targets of ₹650 and ₹700 per share. Those who have this stock in their portfolio are advised to maintain stop loss at ₹580 and keep on accumulating on every big dip in the scrip.”
Adani Ports FY23 business update
Adani Ports and Special Economic Zone Ltd (APSEZ), the largest integrated transport utility in India and a part of the diversified Adani Group, handled ~32 MMT of total cargo in March 2023, implying a Y-o-Y growth of ~9.5%. For the first time since July 2022, the volumes crossed the 30-MMT mark. With ~339 MMT in FY23 (April 2022 – March 2023), APSEZ recorded its largest port cargo volumes ever – which is a good ~9% Y-o-Y growth. Adani Ports has been continuously increasing its market share for the past years, outperforming all of India’s cargo volume growth.
Adani Ports FY23 business update
Adani Ports and Special Economic Zone Ltd (APSEZ), the largest integrated transport utility in India and a part of the diversified Adani Group, handled ~32 MMT of total cargo in March 2023, implying a Y-o-Y growth of ~9.5%. For the first time since July 2022, the volumes crossed the 30-MMT mark. With ~339 MMT in FY23 (April 2022 – March 2023), APSEZ recorded its largest port cargo volumes ever – which is a good ~9% Y-o-Y growth. Adani Ports has been continuously increasing its market share for the past years, outperforming all of India’s cargo volume growth.
“The improvement in cargo volumes is testimony to the faith that our customers have in us,” said Karan Adani, CEO and Whole Time Director, APSEZ adding, “It shows our commitment to using improved efficiencies and technological integrations to drive and achieve customer satisfaction. The APSEZ’s flagship port, Mundra, is outpacing all its closest rivals and continues to be the largest port in the nation in terms of volumes handled. Mundra’s infrastructure meets world standards and provides service levels on par with those of its global competitors, making it India’s gateway for container goods.”
“The improvement in cargo volumes is testimony to the faith that our customers have in us,” said Karan Adani, CEO and Whole Time Director, APSEZ adding, “It shows our commitment to using improved efficiencies and technological integrations to drive and achieve customer satisfaction. The APSEZ’s flagship port, Mundra, is outpacing all its closest rivals and continues to be the largest port in the nation in terms of volumes handled. Mundra’s infrastructure meets world standards and provides service levels on par with those of its global competitors, making it India’s gateway for container goods.”
The overall container volumes handled by APSEZ in India jumped to ~8.6 MTUs (+5% YoY), including ~6.6 MTEUs at Mundra alone. It continues to be India’s largest seaport with ~155 MMT of total cargo handled during the year. The logistics business segment also had a record year. The container rakes handled during the year achieved a new milestone crossing 500,000 TEUs (+ 24% Y-o-Y), while the bulk cargo transported exceeded 14 MMT, implying 62% Y-o-Y jump. This financial year witnessed APSEZ setting some new milestones on the count of ships docked (6,573), rakes serviced (40,482), and the trucks, trailers and tankers handled (48,89,941). Adani Ports serviced 3,068 unique customers across its different business units.
The overall container volumes handled by APSEZ in India jumped to ~8.6 MTUs (+5% YoY), including ~6.6 MTEUs at Mundra alone. It continues to be India’s largest seaport with ~155 MMT of total cargo handled during the year. The logistics business segment also had a record year. The container rakes handled during the year achieved a new milestone crossing 500,000 TEUs (+ 24% Y-o-Y), while the bulk cargo transported exceeded 14 MMT, implying 62% Y-o-Y jump. This financial year witnessed APSEZ setting some new milestones on the count of ships docked (6,573), rakes serviced (40,482), and the trucks, trailers and tankers handled (48,89,941). Adani Ports serviced 3,068 unique customers across its different business units.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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