Adani Ports and Special Economic Zone Ltd. said on Wednesday that it reached two record-breaking milestones in 24 hours.
In a post on X, the company said it loaded 20,586 MT of HR Coils on BB-3, overtaking previous records from 2020 and 2021. It also handled 35 rakes in a single day with 21 loaded rakes, 1 BCN, and 13 unloading/release rakes.
"These achievements showcase our commitment to excellence and innovation. Here's to reaching even greater heights together," the company said.
We've achieved not one, but two record-breaking milestones at our #DhamraPort 🚢
December 11, 2024
╰┈➤ In just 24 hours, we loaded an incredible 20,586 MT of HR Coils on BB-3, surpassing previous records from 2020 and 2021.
╰┈➤ Additionally, we handled 35 rakes in a single day, setting a… pic.twitter.com/12JTITh2d8This development came after the company announced on Tuesday that it will fund the Colombo West International Terminal project in Sri Lanka using its internal accruals, opting out of seeking financial support from the United States.
In an exchange filing, the company confirmed that the project is progressing smoothly and remains on schedule for commissioning early next year.
"The project will be financed through our internal accruals and capital management plan. We have also withdrawn our financing request to the U.S. International Development Finance Corporation (DFC)," the company stated.
The Adani Group secured $553 million in funding last year from the US International Development Finance Corp. for the strategically vital Colombo West International Terminal project.
The share price of Adani Ports closed 1.2% lower at Rs 1,233.80 apiece on the National Stock Exchange, compared to a 0.13% advance in the benchmark Nifty 50. The stock has risen 20.45% on a year-to-date basis.
Out of the 18 analysts tracking the company, 17 have a 'buy' rating on the stock and one suggests 'hold', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 36.3%
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