Adani Ports now world's largest transport op and services firm with $37 billion market cap - Hindustan Times
close_game
close_game

Adani Ports now world's largest transport op and services firm with $37 billion market cap

Jun 19, 2024 08:23 AM IST

In the year ending March 31, Adani Ports handled 27% of India’s total cargo and 44% of container cargo as per a company statement.

Adani Ports & Special Economic Zone soared to a market value of almost $37 billion to surpass Beijing-Shanghai High Speed Railway and become world’s largest transport operations and services provider. This comes as the company as witnessed increasing cargo volumes and inclusion in India’s S&P BSE Sensex Index.

A general view of a container terminal is seen at Mundra Port, one of the ports handled by India's Adani Ports and Special Economic Zone Ltd, in Gujarat.(Reuters)
A general view of a container terminal is seen at Mundra Port, one of the ports handled by India's Adani Ports and Special Economic Zone Ltd, in Gujarat.(Reuters)

Read more: Goldman Sachs sells 44.20 lakh shares worth 183 crore in Paytm: What we know

Deven Choksey, managing director at DRChoksey FinServ said, “This marks the start of a new journey for Adani Ports" as the company is now generating significant cash and efficiently handling millions of metric tons of cargo. In the year ending March 31, Adani Ports handled 27% of India’s total cargo and 44% of container cargo as per a company statement. The volume rose by 24% from the previous year, it said.

Read more: Nvidia CEO Jensen Huang's net worth soars to $119 billion, up 2280% in 5 years

Adani Ports is also set to be included in India’s benchmark equity index which is expected to attract $252 million in inflows, as per Nuvama Alternative & Quantitative Research.

Bloomberg Intelligence analyst Denise Wong, however, said that there are potential risks in the sock following Lok Sabha elections. The stock fell over 20% on June 4 after Prime Minister Narendra Modi NDA’s alliance secured a narrow majority.

Read more: Nvidia becomes world’s most valuable company, dethroning Microsoft

“Adani Ports might face uncertain earnings growth under India’s new coalition government,” Denise Wong said.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Stay updated with the latest Business News on Petrol Price, Gold Rate, Income Tax Calculator along with Breaking News Events and Latest News Updates on Hindustan Times.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, July 25, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On