All Adani Group companies surged at the start of trade on Monday following exit polls predicting a substantial majority for the Narendra Modi Government’s third term.
Adani Ports and Adani Enterprises, both constituents of the Nifty 50 index, opened up to 10% higher, while other Group constituents saw gains ranging from 3% to 12%.
As a result, Adani Group stocks have added nearly Rs 3 lakh crore at the start of trade, bringing their overall market capitalization to nearly Rs 20 lakh crore. This approaches the Rs 24 lakh crore market capitalization the group had before the release of the Hindenburg Research report.
Specifically, Adani Enterprises rose by 5.2%, Adani Ports by 8.8%, Adani Green Energy by 9.2%, Adani Energy Solutions by 9%, Adani Wilmar by 3.5%, Adani Power by 12.4%, Adani Total Gas by 10%, ACC by 2.6%, Ambuja by 3.7%, and NDTV by 6%.
Towards the end of February 2023, Adani Group’s market capitalization had fallen below Rs 7 lakh crore before staging this recovery.