Adani Group Shares Soar Amid Equity Market Surge; Adani Power Rises 18%

Shares of all Adani Group firms continued their sharp rally on Monday, driven by a significant surge in the equity market. Adani Power led the charge, skyrocketing nearly 18 per cent. Adani Power shares soared 17.67 per cent to an all-time high of Rs 890.40 on the BSE. Other Adani Group stocks also saw substantial gains: Adani Total Gas jumped 15.28 per cent, Adani Green Energy surged 13.49 per cent, Adani Ports rallied 11.84 per cent, and Adani Energy Solutions climbed 11.23 per cent.

The group's flagship firm, Adani Enterprises, saw a 9.71 per cent increase. NDTV shares rose 10.84 per cent, Adani Wilmar advanced 7.34 per cent, ACC shot up by 6.72 per cent, and Ambuja Cements gained 6.58 per cent. Many of these firms reached record highs in morning trade. This rally coincides with a significant jump in the broader market.

The 30-stock Sensex zoomed 2,507 points (3.4 per cent) to close at 76,469. On the other hand, the NSE Nifty50 surged 733 points (3.25 per cent) to settle at 23,264.

The surge follows exit polls on Saturday predicting Prime Minister Narendra Modi will secure a third consecutive term, with the BJP-led NDA expected to win a substantial majority in the upcoming Lok Sabha elections. Vote counting is scheduled for June 4.

On Friday, shares of Adani Group companies surged up to 14 per cent after US brokerage Jefferies expressed a bullish view on the group, highlighting its return to an expansion phase with a planned $90 billion capital expenditure over the next decade. This boost added Rs 84,064 crore to the market value of Adani's 10 listed firms, bringing their total market capitalization to Rs 17.51 lakh crore by the end of trading on Friday.

Adani Group reported a record 45 percent increase in pre-tax profit (EBITDA) to Rs 82,917 crore (about $10 billion) for FY24. This marks a significant recovery for the conglomerate, which has focused on debt containment, reducing founder share pledges, and consolidating core business areas following a critical report by a US short seller that had previously impacted its market value. The group achieved a five-year compound annual growth rate (CAGR) of 54 per cent in profit growth.