Adani Ports shares hit 52-week high; stock gives over 228% returns in one year

Updated : April 07, 2021 12:58 PM IST

This week, the stock is up over 15 percent, while it rallied more than 58 percent in the last three months and around 68 percent YTD.

The stock has given a positive return of more than 228 percent in the last one year.

The share price of Adani Ports & Special Economic Zone (APSEZ) hit a fresh 52-week high of Rs 885.00 apiece on Wednesday after gaining over 5 percent.

The stock, however, soon lost all gains made today to trade lower by 2.43 percent at Rs 817.10 apiece on the BSE.

This week, the stock is up over 15 percent, while it rallied more than 58 percent in the last three months and around 68 percent YTD. The stock has given a positive return of more than 228 percent in the last one year.

The positive momentum in APSEZ stock price comes on the back of various strategic announcements by the company.

The company reported a sharp jump in its cargo volume for the fourth quarter of fiscal 2021. In its business update, APSEZ said it handled cargo volume of 73 MMT in Q4FY21, registering a growth of 27 percent on a year-on-year basis.

In March, the company handled cargo volume of 26 MMT, a growth of 41 percent, YoY, and 23 percent, MoM.

For the whole financial 2020-2021, APSEZ handled cargo volume of 247 MMT, up 11 percent, YoY.

Deven Choksey, MD of KRChoksey Securities, said some of the infrastructure funds, which are looking at India entry, would definitely find Adani Ports more meaningful.

“Because this is one company which has got the largest capacity to handle cargo. That is where they get entry into this stock from an investment perspective,” he said.

Last month, the company announced the acquisition of a majority stake in Gangavaram Port, an all-weather, deep water, multipurpose port, which analysts believe will be positive for the company.

Brokerage firm Morgan Stanley said that the Gangavaram Port deal was value accretive and maintained an ‘overweight’ rating on Adani Ports.

Catch all the latest updates from the stock market here.

Published : April 07, 2021 12:58 PM IST

Adani Ports shares hit 52-week high; stock gives over 228% returns in one year

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