Adani Ports share price hits 52-week high after cargo volume growth rises 10% YoY

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Adani Ports and Special Economic Zone share price gained over 2 percent intraday on December 2 after the company announced its operational performance for the month of November.

The company reported cargo volume handled excluding Krishnapatnam Port registering a growth of 10 percent on year on year basis. Overall, in November 2020, Adani Ports handled cargo volume of 24 mmt which includes 3 mmt handled at Krishnapatnam Port.

The stock was trading at Rs 432.75, up Rs 9.00, or 2.12 percent. It has touched a 52-week high of Rs 435.10.

Adani Ports reported a 31.57 percent increase in its consolidated profit to Rs 1,393.69 crore for the second quarter ended on September 30, 2020. The country's largest integrated logistics player had clocked a consolidated net profit of Rs 1,059.20 crore in the corresponding period a year earlier, the company said in a BSE filing.

Its total consolidated income increased to Rs 3,423.16 crore for the second quarter, as against Rs 3,326.90 crore in the year-ago period. The company's total expenses during the quarter under review declined to Rs 1,622.78 crore, compared to Rs 2,440.56 crore in the year-ago period.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long term moving averages. The company is showing strong cash generating ability from core business - improving cash flow from operation for last 2 years.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.