Rs 1.4 lakh crore gain! Adani stocks zoom up to 16% as exit polls predict Modi's return

Shares of billionaire Gautam Adani's multi-billion dollar conglomerate rallied as much as 16% on Monday after exit polls were unanimous in predicting that Prime Minister Narendra Modi will emerge victorious in Tuesday's Lok Sabha election results.

The combined market capitalisation of all 10 listed Adani stocks rose by nearly Rs 1.4 lakh crore, taking the total market value of the conglomerate's listed entities to Rs 19.24 lakh crore.

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Adani Power, which has nearly doubled in the last 6 months, was the biggest gainer as it rallied 16% to hit a fresh 52-week high of Rs 875 on BSE. Within the Nifty50 pack, Adani Ports was the top gainer with a 9% return, followed by a 7% upside in the group's flagship entity Adani Enterprises.

Other top gainers include Adani Total Gas, Adani Energy Solutions and Adani Green - all of which were trading 7-8% higher.

Adani stocks are now inching closer to their pre-Hindenburg levels with a number of counters having already erased all losses. In FY24, Adani Group's profit after tax (PAT) in FY24 has jumped 55% to Rs 30,768 crore while its EBITDA grew 40% year-on-year to Rs 660 billion.

Jefferies has buy calls on Adani Enterprises (target price Rs 3,800), Adani Ports (target price Rs 1,640) and Adani Energy Solutions (target price Rs 1,365).

Last week, CLSA had identified Adani Ports, Adani Enterprises, ACC and Ambuja Cement in its list of 54 Modi stocks. The list also includes PSUs and those belonging to several other corporates which are perceived as direct beneficiaries of PM Modi’s policies.

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