Adani stocks cheer incumbency wave in India, Australia
2 min read.Updated: 20 May 2019, 04:58 PM ISTReuters
Adani Enterprises rose as much as 29% in afternoon trade, its sharpest intraday gain in over two years
Shares of Adani Enterprises have risen by about 170% since Modi assumed power
New Delhi: Shares in various Adani Group companies, including those of flagship Adani Enterprises Ltd, surged on Monday after exit polls predicted Indian Prime Minister Narendra Modi would return to power, even as Australian poll results also spelled good news for the Indian conglomerate.
Adani Enterprises rose as much as 29% in afternoon trade, its sharpest intraday gain in over two years. Other Adani Group stocks such as Adani Power, Adani Gas and Adani Green Energy Ltd were all up more than 15% in afternoon trading.
Adani's empire, which includes billions of dollars worth of investments in mining, ports, trading, electricity and gas among other things, has benefited from Modi's emphasis on economic development. The business tycoon has in the past brushed off any notions that he has been granted undue favours.
Separately, news that Australia's conservative coalition has swept back to power with an outright majority also boded well for Adani Mining Australia, which has been struggling for years to kick off its ambitious Carmichael coal mine project in Queensland due to environmental concerns.
Adani Mining Australia used the election results to slam the labour government in the state, saying the poll verdict reflected public consensus on the mine.
"Let's hope they (Queensland state government) realise it is time to start listening to the people of Queensland," Lucas Dow, Chief Executive of Adani Mining, said in a statement.
This story has been published from a wire agency feed without modifications to the text.