The Adani Group stocks are surging between 3% and 10% in Monday's trading session as Indian equities hit a record high post the Bharatiya Janta Party's election victory in three states, surpassing exit poll expectations.
Analysts across the board believe that the election outcome has reaffirmed the consensus estimates of the BJP returning to power in 2024 and that it will also boost market sentiment.
Here's how the Adani Group stocks are faring today:
| Adani Group Stocks | Returns |
| Enterprises | 6.30% |
| Ports | 5.33% |
| Green Energy | 7.55% |
| Energy Solutions | 6% |
| Wilmar | 2.70% |
| Power | 5.60% |
| Total Gas | 5% |
| ACC | 3.60% |
| Ambuja | 4.70% |
| NDTV | 4.10% |
With today's surge, the overall group market capitalisation has crossed the mark of ₹12 lakh crore. This is the first time that it has crossed this mark after falling below it on January 31 this year, a week after the Hindenburg Report was released.
The Group market cap has recovred more than 90% from the all-time low of ₹6.8 lakh crore, but still remains 50% below its all-time high of ₹24.8 lakh crore.
Last week, Adani Group stocks had their best day since the report went public after a Supreme Court bench, led by Chief Justice of India DY Chandrachud reserved its verdict in the Adani-Hindenburg case. The apex court observed that capital market regulator SEBI must complete probe in all 24 case.
"We are definitely watching out ACC-Ambuja twins. The cement pack is something that can do exceedingly well, generally in the next few years. And obviously, I think the kinds of numbers that they have been posting, the expectation is that synergies and operational efficiencies will start flowing in," Mayuresh Joshi of William O'Neil told CNBC-TV18.
"The other one also to watch out for only Adani Ports. A lot of activity is probably expected to come through in terms of both container volumes and the expectations in the sum of parts that Adani Ports probably derives as part of its intrinsic value as well. So nothing in terms of something that we are buying right now. But these two stocks, definitely out of the whole pack do remain on our radar," he said.
First Published: Dec 4, 2023 10:33 AM IST
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