Shares of Gujarat Pipavav Port reached a new high of Rs 250.15 during Tuesday's intra-day trading on the BSE, marking a 9% increase and surpassing its previous high of Rs 243.25 from July 30, 2024. This rise occurred amid a generally subdued market, with approximately 24 million shares traded on the NSE and BSE combined by 11:05 am. The company's strong performance is supported by positive financial results. For the April to June 2024 quarter (Q1FY25), Gujarat Pipavav Port reported a significant 58.8% year-on-year increase in standalone net profit, rising to Rs 104.64 crore from Rs 65.91 crore in Q1FY24. Revenue from operations also grew by 14.5% year-on-year, reaching Rs 245.98 crore compared to Rs 214.92 crore in the same period last year. In response to rising car export volumes, Pipavav Port has completed the first phase of an open stackyard development, covering 42,000 square meters, with the second phase underway and expected to be finished by September 2024. The port has also planned a $90 million capital expenditure for constructing a new liquid berth, with statutory and regulatory approvals in progress. This new infrastructure aims to enhance the port’s liquid cargo handling capabilities and support the Government of India's Pradhan Mantri Ujwala Yojana, which aims to provide LPG connections to every household. Additionally, the port handles about 330 rakes per month for various cargo types including containers, fertilizer, LPG, and cars, averaging roughly 11 rakes per day. Pipavav Port remains a leader in integrating rail with port operations, contributing significantly to increasing the railway sector's share in freight handling in India. The company's annual report highlights its commitment to efficient rail evacuation of cargo and supporting national freight handling initiatives. ICICI Direct has recommended a ‘Buy’ rating on Gujarat Pipavav Port with a target price of Rs 260 per share within the next 14 days, reflecting confidence in the company’s continued strong performance and strategic developments.