Adani Ports & Special Economic Zone Ltd.: What made Adani Ports surge 15%?

NEW DELHI: Adani Ports was in a sweet spot on Tuesday as the shares climbed nearly 15 per cent with high volumes following a couple of good news for its shareholders.

On the NSE, the stock jumped 14.50 per cent to end at Rs 849.85.

Adani Ports and Special Economic Zone (APSEZ) on Monday said it has acquired 25 per cent stake of Vishwa Samudra Holdings in Krishnapatnam Port for Rs 2,800 crore. This will result in APSEZ increasing its stake from 75 per cent to 100 per cent in Krishnapatnam Port.

Krishnapatnam Port, located on the east coast of India in Nellore district of Andhra Pradesh, is an all-weather, deep water port and has multi-cargo facility with a current capacity of 64 million tonne per annum (MTPA).

Apart from this, the company also saw rapid growth in business over the last month. The company said it handled cargo volume of 26 MMT in March 2021, an increase of 41 per cent on a year-on-year basis and 23 per cent on a month-on-month basis.

For the quarter ended March, APSEZ handled cargo volume of 73 MMT registering a growth of 27 per cent on a yearly basis.

ended the year with a record cargo volume of 144. 4 MMT, a growth of 4 per cent on a year-on-year basis and continues to be the largest port of the country.