Adani Ports shares touch 52-week high after signing agreement with Vishwa Samudra Holdings

Adani Ports and Special Economic Zone (APSEZ) share price touched a 52-week high of Rs 814.95, rising nearly 10 percent intraday on April 6 after the company posted better business performance in the month of March 2021 and in Q4 FY21. The share remained the top gainer on the Nifty50 index.

The company's handled cargo volume in the month of March 21 stood at 26 MMT, a growth of 41 percent, year-on-year and 23 percent on a month-on month-basis, the company said in its release.

In Q4 FY21, the company registering a YoY growth of 27% in the handled cargo volume at 73 MMT, while it registered a volume of 247 MMT in FY21 registering a growth of 11% on YoY basis.

In the container segment, the company handled 7.22 Mn TEU's in FY21. registering a growth of 16% on YoY basis, it added

The west coast ports of APSEZ (Mundra and Hazira) handled 6.32 Mn TEU's of container volume in FY21. The Market share of western ports of APSEZ in containers has increased to 48% in FY21.

Recently, the company has signed an agreement with Vishwa Samudra Holdings, to acquire the remaining 25 percent stake in Adani Krishnapatnam Port. The company currently holds a 75% stake in Krishnapatnam Port. Post-acquisition of 25% stake, Krishnapatnam Port will become a wholly-owned subsidiary of the Company.