Adani stocks: AEL, Adani Green, Adani Ports shares rally; group m-cap up Rs 1.6L crore in 3 days

The Adani group's market capitalisation got swelled by Rs 89,000 crore in Tuesday's trade amid a broad-based rally in the market on rising hopes of the Prime Minister Narendra Modi-led BJP securing a third term in 2024 polls, following its strong show in the recent state elections. The group m-cap has in fact risen Rs 1.64 lakh crore in three sessions, thanks to relentless buying in shares of Adani Enterprises Ltd, Adani Total Gas Ltd, Adani Ports and Special Economic Zone Ltd and Adani Green Energy Ltd, among others.

On Tuesday, the Adani group was commanding a m-cap of Rs 12,84,195 crore intraday, as stocks such as Adani Green Energy Ltd (up 14 per cent), Adani Enterprises Ltd (up 8 per cent), Adani Ports Ltd (up 7.12 per cent) and New Delhi Television Ltd (up 5.63 per cent) climbed up to 14 per cent. Others such as Adani Energy Solutions Ltd, Adani Power Ltd, Adani Total Gas Ltd, Adani Wilmar Ltd and cement stocks ACC and Ambuja Cements gained 4-5 per cent.

The Adani group commanded a m-cap of Rs 11,19,849.97 crore on November 30.

Also read: Adani Green Energy shares surge 7% as Adani firm seals $1.36 billion funding

In the process, the Adani group founder Gautam Adani also climbed up the billionaire list and is now 16th richest in the world at $70 billion compared with 22nd richest a few days ago.

"BJP's win in the 3 state elections of MP, Rajasthan and Chhattisgarh is much better than what exit polls suggested and reinforces the consensus expectations of a Modi win 2024 national elections with a greater likelihood of 300-plus seats for the BJP. This boost to the investor sentiment should augur well for domestic cyclical sectors viz. banks, industrial, power, property and mid caps," said Jefferies.

With the state elections outcome overwhelmingly in favour of the incumbent BJP, the confidence of the market in the current dispensation and political continuity post 2024 Lok Sabha elections will get a boost, said Motilal Oswal Securities.

"This augurs well for macro and policy momentum for India, which, at the moment, is seeing the highest growth among major economies (both GDP as well as corporate earnings)," the domestic brokerage said.

Also read: Adani Ports shares hit fresh one-year high, up 16% in two sessions; is more steam left?