Among individual stocks, Adani Green Energy surged 19 per cent to Rs 1341.60 in intra-day trade today. In past two trading days, the stock has rallied 31 per cent. The average trading volumes at the counter jumped three-fold today.
Adani Energy Solutions soared 14 per cent to Rs 1,032.15, followed by Adani Total Gas (10 per cent at Rs 807.55), Adani Enterprises (10 per cent at Rs 2,782,20), Adani Ports (10 per cent at Rs 966.60), New Delhi Television (NDTV) (9 per cent at Rs 245.60), Adani Power (8 per cent at Rs 499.80), Ambuja Cements (8 per cent at Rs 510.30), ACC (7 per cent at Rs 2,163) and Adani Wilmar (7 per cent at Rs 370). In comparison, the S&P BSE Sensex was up 0.64 per cent at 69,303 at 11:09 AM.
A sharp run-up in stock prices of Adani Group companies have seen, Adani Green Energy Solutions (Rs 1.14 trillion) and Ambuja Cements (Rs 1.01 trillion) regain the market captialisation of Rs 1 trillion.
Meanwhile, in an exchange filing today, Ambuja Cements said the company successfully completed acquisition of Sanghi Industries, funded entirely through internal accruals. The company said it is committed to leveraging operational synergies resulting from this acquisition to enhance efficiency, reduce costs, and maintain a sustainable approach to cement production.
The election outcome overwhelmingly in favour of the incumbent BJP, strong macroeconomic data and easing global interest rate expectations boosted the market momentum. Given the government’s focus towards long-term capex across key areas, Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services expect BFSI, Industrials, Real Estate, Auto and Consumer Discretionary to do well going forward.
Meanwhile, according to Bloomberg report, the US government concluded that short-seller Hindenburg Research’s allegations of corporate fraud against Indian billionaire Gautam Adani weren’t relevant before extending his conglomerate as much as $553 million for a container terminal in Sri Lanka, a senior US official said. CLICK HERE FOR FULL REPORT