Adani Total Gas jumped 20%: BJP’s election victory in 3 States
Adani group’s Shares are started their rally. This rally is showing the BJP’s election victory. Adani Total Gas took the lead in the market, going up by 20% to reach a new high of ₹1,053.40 in the past year. Other Adani Group stocks, like Adani Ports and Special Economic Zone, and Adani Power, also did well, each going up by more than 7% to hit new highs of ₹1,082.50 and ₹589.45, respectively. Today, the total value of the Adani conglomerate, which includes ports and power, reached ₹14.8 lakh crore.
The surge in Adani group companies follows the recent victory of the BJP in three states, exceeding exit poll predictions. Analysts are optimistic that the election outcomes reinforce the prevailing expectation of the BJP’s resurgence in the 2024 Lok Sabha polls, contributing to a positive market sentiment.
Last week witnessed a notable upswing in the stocks of the conglomerate, marking their most significant gain since a report was made public. This upward trend followed a pivotal moment in the Adani-Hindenburg dispute when a Supreme Court bench, led by Chief Justice of India DY Chandrachud, reserved its verdict. The court emphasized that SEBI must conclude its investigation into all 24 cases.
Adani Total Gas jumped 20%: BJP’s election victory in 3 States
For the first time since the setbacks earlier in 2023, triggered by a report from US-based short-seller Hindenburg Research alleging financial misconduct and stock manipulation, the group’s stocks surpassed the ₹14 lakh crore threshold. Despite facing challenges, including the company vehemently denying all allegations, the market valuation of the ports-to-power conglomerate has rebounded from its historic low of ₹6.8 lakh crore. However, it still remains 50% below its peak of ₹24.8 lakh crore.