Adani Group stocks were at the focus on Monday after BJP won three states in the assembly elections of 2023. Among the Gautam Adani led conglomerate, Adani Ports and Special Economic Zone Ltd (Adani Ports) surged about 7 per cent during the early trading session after the company provided updates for the month of November 2023. Adani Ports reported a 42 per cent year-on-year (YoY) growth in the November 2023 cargo volumes and Adani International Container Terminal (AICTPL) became the first terminal in India to handle over 3,00,000 containers in a month, said the Adani Ports in the exchange filing. Growth was witnessed across all three broad cargo categories in the Adani Ports' business including dry bulk (over 60 per cent YOY), containers (over 26 per cent YoY) and liquids and gas (over 23 per cent YoY), the exchange filing added. "In the initial eight months of FY 2023-24, Adani Ports handled around 275 million metric tonnes (MMT) of cargo, a healthy 21 per cent YoY growth." Following the announcement, shares of Adani Ports and Special Economic Zone surged about 7 per cent to Rs 883 on Monday, with a total market capitalization of more than 1.9 lakh crore. The scrip had previously settled at Rs 872.55 in the previous trading session on Friday. The stock has surged about 125 per cent from its 52-week low at Rs 395 apiece, hit in February 2023, after Hindenburg Research's damning report on the Adani Group stocks. The stock is up 20 per cent in the six-month period, while almost flat on a year-to-date basis. AICTPL, the joint venture terminal at the Adani Ports and Special Economic Zone in Mundra, successfully handled over 3,00,000 containers in the month of November. AICTPL handled 3,00,431 TEUs across 97 vessels in November 2023, by handling approximately 10,000 TEUs every day, said the filing further. The election results, where BJP won the clear mandate to form governments in Rajasthan, Chhattisgarh and Madhya Pradesh, boosted the confidence of markets. All Adani Group shares were rocketing higher in the early trade, with Adani Enterprises, the flagship company of the Adani Group, hitting upper circuit of 10 per cent. VK Vijayakumar of Geojit Financial Services said the hare market prefers political stability and a reform-oriented, market-friendly government. From that perspective, he said, the state election results were better-than-expected.
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