The stock price of Adani Ports and Special Economic Zone (APSEZ), a prominent entity within the Gautam Adani-led group, recently witnessed a notable decline exceeding 5 percent on the National Stock Exchange (NSE). This downturn was in response to specific regional developments affecting the company. APSEZ, which operates the Haifa port in Israel, is steadfast in its commitment to sustaining business operations amid these challenges.
APSEZ’s stock performance registered a sharp dip, with a decrease of 4.89 percent on the Bombay Stock Exchange (BSE) and a 5.09 percent drop on the NSE. Closing figures for the day were Rs 789.90 on the BSE and Rs 788.5 on the NSE.
In response to the situation, APSEZ is actively monitoring developments, with a particular focus on South Israel, where these events are concentrated. The company has made employee safety a top priority and has confirmed the well-being of all its staff members.
Despite the hurdles, the Haifa port, situated in northern Israel and operated by APSEZ, continues to operate seamlessly. The company has implemented measures to ensure the uninterrupted functioning of its operations, underlining its readiness with a robust business continuity plan.
This plan has been meticulously designed to empower the company to effectively respond to unforeseen events and challenges that may arise. Notably, the Haifa port contributes only 3 percent of APSEZ’s total cargo volume, making it a relatively small part of the company’s overall operations.
For the current financial year (April 2023 to March 2024), Haifa Cargo volumes are expected to fall within the range of 10-12 Million Metric Tons (MMT), out of APSEZ’s total cargo volume guidance of 370-390 MMT. Despite these challenges, APSEZ remains confident in its business performance. In the initial six months of the financial year (April-September 2023), APSEZ’s total cargo volume reached approximately 203 MMT, with the Haifa port contributing around 6 MMT. The company maintains an optimistic outlook regarding its future performance.