Adani Group Stocks on a Roll; Adani Enterprises Hits Fresh 52-week High - The New Indian Express

Adani Group Stocks on a Roll; Adani Enterprises Hits Fresh 52-week High

Published: 16th May 2014 11:02 AM

Last Updated: 16th May 2014 11:02 AM

MUMBAI: Stocks of three listed firms of the Gujarat-based Adani Group today soared as much as 17 per cent in early trade as counting of votes for the Lok Sabha elections showed that BJP-led NDA is coming to power.

Adani Enterprises' stock zoomed 16.87 per cent to Rs 585 -- its 52-week high on the BSE in early trade.

Shares of Adani Power climbed 8.28 per cent to Rs 59.50, while Adani Ports and Special Economic Zone surged 6.83 per cent to hit its one-year peak of Rs 235.40.

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 62.2 per cent and Adani Power gained 52 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.

BJP was making impressive gains in the Lok Sabha elections with the party leading in 150 out of 285 seats for which trends were available across the country.

BJP's Prime Ministerial candidate Narendra Modi was leading with 1.43 lakh votes in Vadodara in Gujarat.

Adani Group's business interests in Gujarat include a port and a thermal power project in Mundra.

The broader market was trading 1,341.94 points higher at a record high of 25,247.54.

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