Steady performance in the September quarter despite geographical disruptions, expansion of operations through acquisitions and strong growth prospects are positives for the country’s largest port operator, Adani Ports and Special Economic Zone (APSEZ). These triggers led to upgrades by some brokerages, and the stock hit an all-time high of ₹1,979 on November 11.

Earlier this month, APSEZ acquired Evos BV, Europe’s second-largest independent liquid storage operator. This is expected to strengthen its presence in European energy hubs, diversify its earnings base and expand its exposure to high-value liquid storage and sustainable fuels.

Following the September-quarter results, most brokerages have increased their earnings estimates on…