Mumbai, December 3, 2024: Shares of Adani Ports and Special Economic Zone Limited (APSEZ), a company of the Adani Group, registered a strong rise on Tuesday.
The stock rose 7.81% to ₹1,310 in the trading session. This added ₹20,000 crore to the company’s market cap in a single day and took its total capitalization to ₹2.83 lakh crore.
Impact of increase in cargo volume.
The company handled 36 million tonnes of cargo in November 2024, which shows a growth of 21% on an annual basis.
So far in the financial year 2024, the company has handled 293.7 million tonnes of cargo, which has increased by 7%. Logistics rail operations have also increased by 10%.
Positive forecast by the brokerage house.
Nuvama Institutional Equities has given a target price of ₹1,960 for this stock, which is 50% higher than the current level.
Other brokerage houses like Kotak Institutional Equities have set a target price of ₹1,630, while Motilal Oswal has set a target price of ₹1,530.
Reasons for the increase.
Positive reports from brokerages in the stock market increased demand.
Improvements in cargo handling and logistics.
Continued growth in financial profits and benefits from project efficiency.
Opportunities for investors
According to analysts, the stock of Adani Ports can be beneficial for long-term investment.
Investors are likely to get returns of up to 50% from the current level.
Trend:
The stock closed at ₹1,215 on Monday.
It rose ₹95 on Tuesday to ₹1,310.
This positive trend of growth of Adani Ports has definitely attracted investors.
