Shares of Adani Group companies, including the flagship Adani Enterprises, witnessed a strong rally in early trade on Tuesday. This was the company’s second day consecutive bull run after Monday’s positive sentiments that pushed its stocks.
The spectacular rally in the listed companies of the Adani Group comes after the Bharatiya Janata Party’s decisive assembly election victories in three states, which has significantly boosted sentiments on Dalal Street.
Around 10:05 am, Adani Enterprises shares were up 6.22 per cent increase, reaching Rs 2,688.75, while Adani Ports and Special Economic Zone recorded a substantial gain of 6.53 per cent, soaring to Rs 936. These two emerged as the top performers on the Nifty 50. Shares of both companies jumped well over 7 per cent by 10:35 am.
The development comes on a day when both the S&P BSE Sensex and NSE Nifty 50 have hit fresh record highs.
Several other listed entities within the conglomerate also demonstrated noteworthy gains. Adani Power witnessed a rise of 4.11 per cent, reaching Rs 483.80, Adani Transmission experienced a 3.11 per cent increase, reaching Rs 932.05, and Adani Green Energy shares surged by 7.3 per cent, reaching Rs 1,205.65. Adani Total Gas shares saw a gain of 3.38 per cent, reaching Rs 757, while Adani Wilmar shares rose by 2.69 per cent, reaching Rs 355.55.
In addition to the primary Adani Group stocks, other affiliated companies, including NDTV, ACC, and Ambuja Cements, also observed increases ranging from 2.7-5.2 per cent. With this, the combined market capitalisation of 10 Adani Group companies has now crossed Rs 12 lakh crore.
While Adani Group companies have been top beneficiaries of the recent rally on Dalal Street, several other company stocks have also witnessed similar gains in the wake of the BJP’s electoral dominance. Other factors like strong macroeconomic data, increased buying activity by foreign institutional investors and favourable global cues have also given a boost to the domestic markets.
With the fresh rally in Adani Group stocks over the past few sessions, billionaire owner Gautam Adani has seen his net worth soar rapidly. Adani’s wealth has increased to $70.2 billion, up over $4 billion in just a day. Earlier on November 29, his wealth soared by $6.5 billion in a single day after a strong relief rally.
This places him at 16th position on the Bloomberg Billionaire’s Index, just three spots behind India’s richest individual, Mukesh Ambani. However, Gautam Adani’s wealth is still down over $50 billion this year after a US short seller’s report led to massive erosion of the Adani Group’s combined market capitalisation.
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