Adani Ports' stocks fall 4.34% despite 13% uptick in cargo volume for September

Cumulatively, in the initial six months of this financial year, the cargo handled by the company has risen 11% from the corresponding period last year to 177.5 mln tons.

FPJ Web DeskUpdated: Monday, October 03, 2022, 08:03 PM IST
article-image
Representational image. |

Adani Ports and Special Economic Zone Ltd handled 26.1 mln ton cargo volumes in September, recording a growth of 13% on a year-on-year basis. However, on a sequential basis, it was around 11% lower.

The volume jumped from the year-ago period despite an extended monsoon which adversely impacted the coal demand or imports, and the ban on some variants of rice and higher export duties on some at the beginning of the month, the company said in an exchange filing.

Cumulatively, in the initial six months of this financial year, the cargo handled by the company has risen 11% from the corresponding period last year to 177.5 mln tons.

"The average monthly cargo run rate is well aligned within our annual guided range of 350-360 mln tons," the company said.

During the first half of this year, east coast volumes rose 13% led by Krishnapatnam, Gangavaram and Kattupalli, and Ennore ports. Volumes at the west coasts were up 10% led by Mundra, Dahej, Tuna, and Goa ports

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Financial cost of Vistara-Air India merger for Singapore Airlines minimal compared to its stake in...

Financial cost of Vistara-Air India merger for Singapore Airlines minimal compared to its stake in...

Festive season hiring this year grows by 73%: Report

Festive season hiring this year grows by 73%: Report

Power distribution firms cut outstanding debt by Rs 24,680 Cr in 6 months

Power distribution firms cut outstanding debt by Rs 24,680 Cr in 6 months

Closing bell: Indices end all time high; Sensex up 492 points at 63174 , Nifty above 18700

Closing bell: Indices end all time high; Sensex up 492 points at 63174 , Nifty above 18700

Duty-free access for Indian exporters to Australia from December 29

Duty-free access for Indian exporters to Australia from December 29