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Modi effect: Adani Group stocks on a roll

Source: PTI
Last updated on: May 16, 2014 20:21 IST
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Stocks of three listed firms of Gujarat-based Adani Group on Friday ended as much as 6 per cent higher on the clear mandate given by voters to the BJP-led NDA.

Adani Enterprises' stock that gained 16.87 per cent to Rs 585 -- its 52-week high in intra-day trade, finally ended at Rs 530.90, up 6.06 per cent at the BSE.

Shares of AdaniPorts and Special Economic Zone rose by 1.95 per cent to close at Rs 224.65, while Adani Power was up 1.27 per cent to Rs 55.65.

"D-street welcomed Modi with full pomp and show," said Vivek Gupta, Director Research, CapitalVia Global Research Ltd.

Stocks of Ahmedabad-headquartered Adani Group, especially Adani Enterprises, have been on a roll since BJP announced Gujarat Chief Minister Narendra Modi as its Prime Ministerial candidate for the 2014 Lok Sabha elections on September 13 last year.

Adani Enterprises, the flagship company of the Adani Group, has gained the most among the three-listed firms.

Shares of Adani Enterprises jumped over three-fold, Adani Ports climbed 65.36 per cent and Adani Power gained 53.94 per cent since September 13 last year.

The collective market valuation of these three firms rose by over Rs 62,000 crore in eight months to over Rs 1 lakh crore.

The $8.7 billion Adani group's business interests in Gujarat include a port and thermal power project in Mundra.

Trends have indicated a clear majority for Narendra Modi-led BJP in Lok Sabha polls.

In the broader market, the Sensex today surpassed the 25,000-mark and surged 1,470 points to hit a new life-time high of 25,375.63. The index concluded at 24,121.74, a gain of 216.14 points or 0.90 per cent. 

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