Adani Group Market Cap: Raining Gains! 2-day bull run takes Adani Group’s market value past Rs 13 lakh crore mark

This is the first time that the group’s shares touched the Rs 13 lakh crore mark after facing a decline earlier this year following a report by American short-seller Hindenburg Research, which alleged financial wrongdoing and stock manipulation by the conglomerate.

Adani Enterprises shares alone have gained about 27% in two sessions. The stock on Tuesday closed 17% higher.

The 30% rally in the group stocks came in as a spillover effect of the victory of the Bharatiya Janata Party (BJP) in key state elections of Madhya Pradesh, Rajasthan, and Chhattisgarh.

Adani Enterprises rose 17% to hit an over 10-month high of Rs 2,959.3, while Adani Ports hit a 52-week high of Rs 1,023.9 and gained over 15%.

Adani Green Energy, Adani Energy Solutions, and Adani Total Gas were the top gainers in the pack, as the counters closed with a 20% upper circuit. Adani Power gained over 15%, while Adani Wilmar closed with 10% upper circuit.

Two other Adani group firms, ACC and Ambuja Cements, surged 8% and 7%, respectively. NDTV also closed 18% higher.The day’s gains in these stocks added Rs 1.92 lakh crore to the group’s combined market value, taking the total market capitalization of group stocks to Rs 13.87 lakh crore.

The state election results, branded as a semi-final to the forthcoming May ’24 Lok Sabha elections, will provide comfort to the markets as far as political stability is concerned, said brokerage Motilal Oswal.

While state elections have shown no correlation with Loksabha elections in the past, it nonetheless removes a key overhang of political uncertainty for the markets for the next five months,” Motilal said.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The market likes political stability and a reform-oriented, market-friendly government. From the market perspective, the results were better than expected.”

Stock prices of Adani group companies have been on the rise since last week after the Supreme Court on November 24 reserved its verdict on a batch of petitions seeking examination of allegations of fraud against the conglomerate.

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