Jun 19, 2024 08:23 AM IST
In the year ending March 31, Adani Ports handled 27% of India’s total cargo and 44% of container cargo as per a company statement.
Adani Ports & Special Economic Zone soared to a market value of almost $37 billion to surpass Beijing-Shanghai High Speed Railway and become world’s largest transport operations and services provider. This comes as the company as witnessed increasing cargo volumes and inclusion in India’s S&P BSE Sensex Index.
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Deven Choksey, managing director at DRChoksey FinServ said, “This marks the start of a new journey for Adani Ports” as the company is now generating significant cash and efficiently handling millions of metric tons of cargo. In the year ending March 31, Adani Ports handled 27% of India’s total cargo and 44% of container cargo as per a company statement. The volume rose by 24% from the previous year, it said.
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Adani Ports is also set to be included in India’s benchmark equity index which is expected to attract $252 million in inflows, as per Nuvama Alternative & Quantitative Research.
Bloomberg Intelligence analyst Denise Wong, however, said that there are potential risks in the sock following Lok Sabha elections. The stock fell over 20% on June 4 after Prime Minister Narendra Modi NDA’s alliance secured a narrow majority.
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“Adani Ports might face uncertain earnings growth under India’s new coalition government,” Denise Wong said.
