Adani Group stocks surge up to 18% as exit polls indicate Modi win; most hit 52-week highs
Adani Power rallied as much as 17.7 percent to its 52-week high of ₹890.40. Adani Green Energy soared 13.5 percent to its year-high of ₹2173.65.
Adani Ports was locked in its 10 percent upper circuit at ₹1581.45, also its 52-week high. Whereas, Adani Enterprises soared 9.7 percent to its 52-week high of ₹3,743.Read here: ICICI Bank, SBI, L&T, among 15 stock picks by Motilal Oswal after exit pollsAmong other stocks that did not hit their 52-week highs, Adani Total Gas also rose 15.3 percent to ₹1197.95.
It had hit its 52-week high of ₹1,259.90 last year on October 26, 2023.Adani Energy Solutions also gained 11.2 percent to ₹1,249. It hit its 52-week high of ₹1,250 on January 3, 2024.
Adani Wilmar also advanced 7.3 percent to ₹382. It had also hit its year high of ₹446.30 last year on June 2, 2023ACC and Ambuja Cements also jumped around 6.5 percent each in intra-day deals today.Read here: Indian Stock Market: Exit polls sentimental positive for capex stocks: JefferiesThe combined market capitalisation of all 10 listed Adani stocks also surged by nearly ₹1.4 lakh crore, bringing the total market value of the conglomerate's listed entities to ₹19.24 lakh crore.Apart from strong exit polls indicating a likely uninterrupted win for the Modi government, a recent Jefferies report highlighted that the Adani Group has rebounded from the losses incurred during the Hindenburg episode and is now on an "expansion spree," planning a $90 billion capital expenditure over the next decade.In January of the previous year, U.S.
short-seller Hindenburg released a critical report on the Adani Group, alleging accounting fraud, stock price manipulation, and improper use of tax havens. The Adani Group has consistently denied all these
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