Advertisement

HindustanTimes Fri,01 Aug 2014

Ambani, Adani gained most from stocks rally

Manik Kumar Malakar , Hindustan Times  Mumbai, May 14, 2014
First Published: 23:37 IST(14/5/2014) | Last Updated: 00:17 IST(15/5/2014)

Reliance Industries chairman and managing director Mukesh Ambani and Adani Group promoter Gautam Adani are the two biggest beneficiaries of the rally in the stock markets since Friday.

Both these groups are perceived to be close to BJP prime ministerial candidate Narendra Modi, who is widely expected to form the government when the Lok Sabha election results are announced on May 16.

Reliance shares have risen 9.2% since Friday, meaning  the value of the promoter group shareholding (45.3%) has soared by Rs. 12,898 crore to Rs. 1.55 lakh crore.

However, if the Rs. 1,062-crore value of the 3.73% shareholding of Petroleum Trust, that forms part of the promoter group but doesn’t belong to the Ambani family, is taken into account, the rise in the promoter group’s net worth is lower at Rs. 11,836 crore.

The shares of the three listed Adani Group companies —Adani Enterprises, Adani Ports & SEZ and Adani Power — have also shot up sharply since Friday. Adani Enterprises, which has risen 17.3% over these four session, has added Rs. 5,975 to the promoter group’s fortune.

http://www.hindustantimes.com/Images/popup/2014/5/15_05_14-metro15a.jpg
 
Adani Ports (up 13.7%) and Adani Power (16.1%) have added Rs. 4,062 crore and Rs. 1,011 crore, respectively, and the Adani family is worth Rs. 11,050 crore more than it was on Friday morning.

But it was the public sector Bank of Baroda which was the biggest beneficiary of the rally since Friday. It has shot up 18.7% from Rs. 808 to Rs. 959. ICICI Bank and Axis Bank also gained.

“If there is an improvement in the economy, then banking stocks will be the first to gain,” said Rikesh Parikh, vice-president, Motilal Oswal Financial Services, about the rise in banking stocks.


Advertisement
more from Business

Argentine markets fall post-default, NY hearing on Friday

Argentina's bond and stock markets and peso currency dropped on Thursday after Latin America's No. 3 economy defaulted for the second time in 12 years following the collapse of last-ditch talks with holdout creditors.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved