Adani Ports and Adani Enterprises were among the top 10 gainers on the benchmark Nifty 50 index
Shares of three Adani Group companies hit record highs Monday amid a broad-based rally in the infrastructure-focussed Indian conglomerate after exit polls predicted a third straight term for Prime Minister Narendra Modi's government.
The 10-company conglomerate, led by billionaire Gautam Adani, has invested billions of dollars in mining, ports, trading, electricity and gas among other sectors to benefit from the Modi government's emphasis on infrastructure development.
On the day, shares of Adani Ports jumped as much as 12.8% to a record high, while Adani Power surged nearly 18% and Ambuja Cements rose about 7% to also hit all-time highs.
Shares of Adani Enterprises, the group's flagship firm advanced nearly 10%, while renewable energy company Adani Green climbed by 14% to their highest since January 2023.
"If the current government is going to continue for a third term, the growth in infrastructure will be a big focus. Many Adani Group companies are heavily into infrastructure and hence, we are seeing action in these stocks," said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Adani Ports and Adani Enterprises were among the top 10 gainers on the benchmark Nifty 50 index, which also rallied to a record high as the exit polls ensured political continuity.
The index has nearly doubled since 2019, when Modi was elected for a second term. The Adani Group stocks have, however, sky-rocketed between 300% and 4,500% in that period. The broader infrastructure and energy indexes have just over doubled in value.
Citi analysts said they expect stocks exposed to the infrastructure and logistics sector, including Adani Ports, to do well in the medium term.
Among other Adani group companies, there were 5% to 9% gains in Adani Energy Solutions, Adani Total Gas and consumer goods company Adani Wilmar, as well as news broadcaster NDTV cement maker ACC.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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