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Adani Group Stocks Rise 18% After Exit Polls Indicate Modi Win; Most Stocks Reach 52-Week High

Following the general upbeat mood of the Indian markets, Adani Group stocks spiked, with the majority reaching their respective 52-week highs on Monday. This was due to exit polls showing a resounding victory for the government led by Prime Minister Narendra Modi with a comfortable majority for a third consecutive term. In addition, the optimism was reinforced by Jefferies’ optimistic assessment of the Adani Group’s stocks in a recent report.

Adani Power experienced a 17.7% surge, reaching a 52-week high of ₹890.40. At ₹2173.65, Adani Green Energy saw a 13.5 percent increase to its year-high. At ₹1581.45, Adani Ports was stuck in its 10 percent upper circuit and 52-week high. On the other hand, Adani Enterprises surged 9.7% to ₹3,743, its 52-week high.

Adani Total Gas, one of the equities that missed its 52-week highs, increased by 15.3 percent to ₹1197.95. October 26, 2023 was the 52-week high, reached by it last year, at ₹1,259.90.

At ₹1,249, Adani Energy Solutions also saw an increase of 11.2 percent. It reached ₹1,250, its 52-week high, on January 3, 2024. Moreover, Adani Wilmar increased 7.3% to ₹382. On June 2, 2023 of previous year, it had also reached its year-high of ₹446.30.

Today’s intraday deals saw increases of almost 6.5 per cent apiece for ACC and Ambuja Cements.

The entire market value of the conglomerate’s listed firms increased to ₹19.24 lakh crore as a result of the combined market capitalization of all 10 listed Adani equities rising by almost ₹1.4 lakh crore.

A recent Jefferies report noted that the Adani Group has recovered from the losses incurred during the Hindenburg episode and is currently on a “expansion spree,” planning a $90 billion capital expenditure over the next ten years, in addition to strong exit polls suggesting that the Modi government will likely win handily.

A scathing study on the Adani Group was published by American short-seller Hindenburg in January of the previous year. The paper made accusations of accounting fraud, stock price manipulation, and improper use of tax havens. Since the start of the issue, the Adani Group has continuously refuted each and every one of these claims. Even with the denials, investor suspicions continued to grow and the stocks suffered greatly.

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