Adani Group stocks see ₹1.4 lakh crore gain today, zoom 16% as exit polls predict PM Modi's return

Adani Group stocks continued their surge for the second consecutive session. Increased trading volumes added over 2.6 lakh crore to its market capitalization.

Updated on: Jun 3, 2024, 10:38:03 IST

By HT News Desk

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Adani Group stocks today: Shares of Gautam Adani's Adani Group surged as much as 16% today following exit polls which indicated that Prime Minister Narendra Modi's led BJP will win in the Lok Sabha elections. The stocks continued their surge for the second consecutive session and increased trading volumes added over ₹2.6 lakh crore to the group's market capitalization in just two sessions.

Adani Group stocks today: Gautam Adani speaks during an interview in Ahmedabad. (Reuters)

Gautam Adani replaces Mukesh Ambani as richest Asian

Individually, Adani Enterprises jumped 7 per cent, Adani Energy Solutions jumped 8 per cent, Adani Ports and SEZ gained 9 per cent, Adani Power up 12 per cent, Adani Green Energy 7 per cent, Adani Total Gas rose 7 per cent, Adani Wilmar up 3.5 per cent, Ambuja Cement gained 4 per cent and ACC rose 3 per cent.

Jefferies India said in its note, “Adani Group's MCap was hit by a short seller report in late FY23. During FY24, the group focused on containing debt, reducing founders' share pledge. Total group EBITDA grew 40% YoY in FY24 (5yr CAGR:+27%), group raised fresh funds from equity/debt/strategic investors, promoter increased stake in group Cos and group Mcap rebounded. The group is back on expansion spree and eyeing USD90bn capex over next decade. In the report, we discuss the group's FY24 perf and way ahead.”

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HT News Desk
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