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A sharp rally in stocks of Adani Group has catapulted Gautam Adani into the top league. With the total market capitalization of Rs 122,206 crore of its three listed companies - Adani Enterprises, Adani Power and Adani Port and Special Economic Zone (SEZ) – Adani Group raced ahead of big corporate houses like Bajaj, Shiv Nadar, Anil Ambani and UB Group in terms of total market capitalisation of their listed companies. Adani Group is now the ninth most-valued groups in the country.
Interestingly, since September 13, 2013 Adani Group’s market valuation has more-than-doubled from Rs 51,573 crore after the Bharatiya Janata Party (BJP) declared Narendra Modi as the party's prime ministerial candidate.
During the period, Adani Enterprises, Adani Power and Adani Port and Special Economic Zone (SEZ) have rallied nearly 300% on hopes of that Narendra Modi-led BJP may form the next government.
On the other hand, the market wealth of Mukesh Ambani led- Reliance Group, Kumar Mangalam Birla-led Aditya Birla Group, Mahindra Group and Bajaj Group increased between 10-30% during the period.
Gautam Adani, promoter of Adani Group is known to be close to Modi and traders are speculating that his firms would benefit the most in Gujarat in case of expected poll outcome. Investors are speculating that Gujarat-based companies especially Adani group, will find it easier to do business if Narendra Modi-led coalition forms government.
Adani Enterprises, a flagship company of Adani group, has seen its market value soared by 288% to Rs 532 from Rs 137 as on September 13, 2013. Adani Ports has rallied 77% to Rs 228, while Adani Power surged 63% to Rs 57.45, as compared to 26% rise recorded by the benchmark indices during the same period.
Meanwhile, the combined market capitalizations of three Adani Group companies are still 19% lower from its all-time peak level of Rs 151,769 crore touched on November 2010, the CapitalinePlus data shows.
Except Adani Ports which trading near to its record high, the remaining two stocks Adani Enterprises and Adani Power are down more than 30% from their all-time highs of Rs 785 and Rs 145 touched in 2010.
