Adani Power Shares Soar

Indian equity indices closed at record high due to gains in heavyweights like ICICI Bank and L&T.

Riding on the so-called 'Modi wave', shares of various Gujarat-based companies have gained up to three times since the state chief minister Narendra Modi was declared BJP's prime ministerial candidate seven months ago.

Adani Group is based in Gujarat, where BJP's prime ministerial candidate Narendra Modi is current chief minister. Because of the location and perceptions of close ties between Adani and the BJP, shares of the Adani Group can at times move depending on the perceptions of electoral success for the party, analysts say.

Shares of Lanco Infra (6.3%) and Adani Power (4.5%) were the top gainers on the BSE Power index.

Indian equity indices closed at record high due to gains in heavyweights like ICICI Bank and L&T.

Riding on the so-called 'Modi wave', shares of various Gujarat-based companies have gained up to three times since the state chief minister Narendra Modi was declared BJP's prime ministerial candidate seven months ago.

Adani Group is based in Gujarat, where BJP's prime ministerial candidate Narendra Modi is current chief minister. Because of the location and perceptions of close ties between Adani and the BJP, shares of the Adani Group can at times move depending on the perceptions of electoral success for the party, analysts say.

Shares of Lanco Infra (6.3%) and Adani Power (4.5%) were the top gainers on the BSE Power index.