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Shares of Adani Ports and Special Economic Zone (SEZ) gained on Wednesday, September 9, after the company said it has received a letter of award from Paradip Port Authority in Odisha.
The company said it emerged as the highest bidder to receive the LoA for the development and operation of two dry bulk berths at Paradip Port in Odisha.
The company in a statement said that the addition of 18 million metric tonne (MMT) of new capacity will take Adani Ports' total domestic portfolio to 671 MMT, advancing its target of reaching 1 billion tonne of cargo throughput by 2030.
As per the 30-year concession project, which is to be executed under the public-private partnership model, Adani Ports said it will develop CQ-I and CQ-II berths with mechanized cargo handling systems, deep-draft berths and large-scale storage infrastructure.
"With Paradip, Adani Ports' network grows to 16 ports and terminals across India's 11,000 km coastline, strengthening our ability to deliver integrated port, logistics and marine solutions through the country's most comprehensive transport infrastructure platform," Ashwani Gupta, the whole-time director and CEO of Adani Ports, said.
On another note, Adani Ports' cargo volumes in August increased by 19% to 50 MT from the previous year. The company said its all-round cargo growth in August was driven by dry cargo and containers, which increased by 25% and 15%, respectively, from the year-ago period.
Shares of Adani Ports ended 3.2% higher on Wednesday at ₹1,765. The stock has gained 5% in the last one month and extended its year-to-date gains to 20%.
Also Read: Manipal Payment eyes 25-30% growth as metal cards, exports scale
The company said it emerged as the highest bidder to receive the LoA for the development and operation of two dry bulk berths at Paradip Port in Odisha.
The company in a statement said that the addition of 18 million metric tonne (MMT) of new capacity will take Adani Ports' total domestic portfolio to 671 MMT, advancing its target of reaching 1 billion tonne of cargo throughput by 2030.
As per the 30-year concession project, which is to be executed under the public-private partnership model, Adani Ports said it will develop CQ-I and CQ-II berths with mechanized cargo handling systems, deep-draft berths and large-scale storage infrastructure.
"With Paradip, Adani Ports' network grows to 16 ports and terminals across India's 11,000 km coastline, strengthening our ability to deliver integrated port, logistics and marine solutions through the country's most comprehensive transport infrastructure platform," Ashwani Gupta, the whole-time director and CEO of Adani Ports, said.
On another note, Adani Ports' cargo volumes in August increased by 19% to 50 MT from the previous year. The company said its all-round cargo growth in August was driven by dry cargo and containers, which increased by 25% and 15%, respectively, from the year-ago period.
Shares of Adani Ports ended 3.2% higher on Wednesday at ₹1,765. The stock has gained 5% in the last one month and extended its year-to-date gains to 20%.
Also Read: Manipal Payment eyes 25-30% growth as metal cards, exports scale
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