Container volume growth (aggregate) across major ports moderated in August'14 to 3% after a healthy pick-up in the past 2 months. Particularly, volume growth at JNPT slowed to 4.5% (vs. 13% average growth in June-July). ''Aggregate cargo volume growth remained tepid at 1.5% YoY, dragged by a sharp decline in fertilizer and iron ore segments, while volumes across other commodities grew marginally/remained flattish YoY,'' said Religare Institutional Research.
''While overall volumes have picked up in FY15 - with the highest contribution from JNPT - growth normalised from the high levels of past 2 months during August,'' it said.
''We believe volume growth in the next 2-3 years would continue to be aided by a soft base (given the slump seen in the past 2-3 years) and an improving macro. We have a Buy on Gateway Distriparks and a Hold on Container Corp Of India,'' it opined.
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