Adani Group stocks surge up to 9%; overall m-cap rises to nearly ₹12 lakh crore | Mint
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Business News/ Markets / Stock Markets/  Adani Group stocks surge up to 9%; overall m-cap rises to nearly 12 lakh crore
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Adani Group stocks surge up to 9%; overall m-cap rises to nearly ₹12 lakh crore

Adani Group stocks surged in early trade on Monday, December 4, following BJP's electoral win in three states and robust macro numbers.

Shares of flagship firm Adani Enterprises jumped 10 per cent while those of Adani Green Energy jumped 15 per cent in morning trade on Monday. (Agencies)Premium
Shares of flagship firm Adani Enterprises jumped 10 per cent while those of Adani Green Energy jumped 15 per cent in morning trade on Monday. (Agencies)

Adani Group stocks clocked robust gains on Monday, December 4, as the risk appetite of investors grew stronger on robust macro numbers and BJP's electoral win in three states.

Shares of flagship firm Adani Enterprises jumped 7 per cent while those of Adani Green Energy jumped 9.4 per cent. Shares of Adani Total Gas clocked a gain of 4.4 per cent. Shares of Adani Power surged 5.5 per cent. Shares of Adani Wilmar rose 1.72 per cent, and Adani Ports shares rose 6.2 per cent.

Among other Adani Group companies, NDTV share price rose 3 per cent, Ambuja Cements share price climbed 7.3 per cent and ACC share price rose 6.3 per cent.

The gains in Adani stocks gave a significant rise to the overall market capitalisation (m-cap) of the group. According to Capitalmarket data, the overall m-cap of Adani Group stocks stood at nearly 11.96 lakh crore on Monday, rising by over 73,000 crore in a single day. 

Shares of Adani Group stocks have been witnessing buying interest, barring some profit-booking, after the Supreme Court concluded hearings in several petitions demanding an inquiry into the Adani-Hindenburg matter.

According to Bloomberg, the sharp gains in Adani Group stocks made "Gautam Adani add $5.6 billion to his net worth last week after India’s top court concluded hearings in a lawsuit where Sebi is probing wide-ranging allegations of corporate malfeasance against the conglomerate."

Meanwhile, the Nifty 50 hit its record high of 20,702.65 while the Sensex, too, touched its fresh peak of 68,918.22. BSE Midcap and Smallcap indices also hit their record highs of 35,124.23 and 41,221.91 respectively.

The domestic market witnessed strong gains after the state election results that boosted optimism about political stability in the country.

Also Read: Nifty 50 at record high; time to increase exposure to equities or turn cautious?

As Mint reported earlier, the Bharatiya Janata Party (BJP) saw emphatic victories across three major states on Sunday, boosting the ruling party’s prospects of prevailing in next summer’s general election. The results also ring alarm bells for the Opposition, specifically the Congress party, which was outgunned and now faces uncomfortable seat-sharing talks with potential allies in the INDIA bloc.

"The state elections results have turned out to be a big event which can trigger renewed optimism and further rally in the market. The market likes political stability and a reform-oriented, market-friendly government. From the market perspective, the results were better than expected," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Also Read: Assembly election results 2023: How will the Indian stock market react?

"The market has already partly discounted a BJP victory with a 500-point rally during the last four sessions. But the mood is so exuberant that the rally will continue. The global backdrop also is favourable with the US 10-year bond yield declining to 4.23 per cent. An across-the-board rally in stocks is in the offing," said Vijayakumar.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 04 Dec 2023, 10:09 AM IST
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