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Adani Ports share price hits 52-week high after cargo volume growth rises 10% YoY

The company reported cargo volume handled excluding Krishnapatnam Port registering a growth of 10 percent on year on year basis.

December 02, 2020 / 12:19 PM IST
 
 
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Adani Ports and Special Economic Zone share price gained over 2 percent intraday on December 2 after the company announced its operational performance for the month of November.

The company reported cargo volume handled excluding Krishnapatnam Port registering a growth of 10 percent on year on year basis. Overall, in November 2020, Adani Ports handled cargo volume of 24 mmt which includes 3 mmt handled at Krishnapatnam Port.

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The stock was trading at Rs 432.75, up Rs 9.00, or 2.12 percent. It has touched a 52-week high of Rs 435.10.

Adani Ports reported a 31.57 percent increase in its consolidated profit to Rs 1,393.69 crore for the second quarter ended on September 30, 2020. The country's largest integrated logistics player had clocked a consolidated net profit of Rs 1,059.20 crore in the corresponding period a year earlier, the company said in a BSE filing.

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Its total consolidated income increased to Rs 3,423.16 crore for the second quarter, as against Rs 3,326.90 crore in the year-ago period. The company's total expenses during the quarter under review declined to Rs 1,622.78 crore, compared to Rs 2,440.56 crore in the year-ago period.

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According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long term moving averages. The company is showing strong cash generating ability from core business - improving cash flow from operation for last 2 years.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​​
Moneycontrol News
first published: Dec 2, 2020 12:19 pm

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