Triple As on a roll as BJP sweeps polls

The stocks of Gujarat-based Adani Group and the conglomerates of two Ambani brothers, which were gaining in the runup to the Lok Sabha elections, surged further on Friday as the news of Narendra Modi- led Bharatiya Janata Party's landslide poured in.

Stocks of three listed firms of the Adani Group soared as much as 17 per cent in early trade ending over six per cent higher. The Adani Enterprises stock went up 16.87 per cent to Rs 585, its 52- week high in intraday trade, ending at Rs 530.90, up 6.06 per cent at the Bombay Stock Exchange (BSE). Shares of Adani Ports 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.

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

Shares of Adani Enterprises jumped over threefold, Adani Ports climbed 65.36 per cent and Adani Power gained 53.94 per cent since September 13 last year, when Modi was named the prime ministerial candidate. The collective market valuation of these three firms rose by over Rs 62,000 crore in eight months to over Rs 1 lakh crore.

Mukesh Ambani- run Reliance Industries Ltd (RIL) shot up by as much as 8.47 per cent to touch one- year peak of Rs 1,142.50 on the BSE to end at Rs 1,112.80, up 5.6 per cent.

Amongst the Anil Ambaniled Group companies, Reliance Infrastructure went up by 7.5 per cent to Rs 624.15.

The stock has gained a hefty 61.26 per cent since September 13. Reliance Power shares were up 4.06 per cent share and have gained 12.76 per cent since September.

Courtesy: Mail Today