Gujarat Pipavav Port Ltd. said on Tuesday that it handled 1.64 lakh TEUs of container cargo volume in the June quarter, 0.6% lower than 1.65 lakh TEUs handled in the same quarter last year.
Dry bulk cargo volume in the quarter was flat at 0.55 million tonnes, while liquid cargo volume handled rose to 0.41 MT. The container trains volume handled by Gujarat Pipavav declined slightly to 447 in the quarter ended June.
The containers handled on trains for the first quarter reduced to 99,000 TEUs in comparison to 1.02 lakh TEUs in the same period last year.
The business update was shared after market hours. The stock settled 1.3% lower at Rs 155.31 apiece on the National Stock Exchange, compared to a 0.24% advance in the benchmark Nifty. Gujarat Pipavav’s shares have fallen 30.16% over the past 12 months and 14.80% on a year-to-date basis.
Out of the nine analysts tracking the stock, three have a ‘buy’ rating, as many suggest ‘hold’ and three recommend ‘sell’, according to Bloomberg data. The average of 12-month analysts’ price targets implies a potential downside of 6.5% from its previous close.
