Gautam Adani's wealth tops $70 bn as BJP 2024 win hopes send market, group shares rallying

The ongoing rally in Adani group shares have pushed founder Gautam Adani's wealth past the $70 billion mark. The rise in Adani stocks has been in line with a broader rally in the market on hopes the Narendra Modi-led BJP will retain power in general elections next year, easing uncertainty over political stability in one of the fastest growing economies in the world.

With this, Adani, 61, is now the 16 richest person on this planet, as per Bloomberg Billionaire index. He stood at 22d in the billionaires list a few days ago. At his peak, Adani enjoyed a fortune of $150 billion.

Adani alone added $4.41 billion to his wealth on Monday, as he is now wealthier than American billionaires Rob and Alice Walton, Julia Flesher Koch & family and Michael Dell.

Jim Walton at $70.5 billion stands just above Adani at 15th spot. Adani's wealth likely swelled on Tuesday morning, as group shares added over Rs 90,000 crore in market capitalisation (m-cap) intraday, taking the group m-cap to near Rs 13 lakh crore mark.

Also read: Adani stocks: AEL, Adani Green, Adani Ports shares rally; group m-cap up Rs 1.6L crore in 3 days 

On Tuesday, shares of Adani Green Energy Ltd soared 14 per cent, followed by Adani Enterprises Ltd (up 8.2 per cent), Adani Ports (up 7.3 per cent) and New Delhi Television Ltd (up 5.7 per cent). Others group stocks such as as Adani Power Ltd, Adani Total Gas Ltd, Adani Wilmar Ltd,  Adani Energy Solutions Ltd, Ambuja Cements and ACC advanced 4-6 per cent.

Elara Securities believe the state elections results would ease market concerns about policy instability and shake-up in policy priorities of the BJP at the Centre in terms of Atmanirbhar Bharat, infrastructure spending, defence indigenisation and energy transition.

Also read: Gautam Adani back among top 20 billionaires after rally in group stocks

The elections results,  Nomura India said, suggested that there is a broad political support for BJP and the PM Modi. It reaffirms the early opinion polls for the general elections that have so far predicted a clean sweep for the BJP, Nomura India said while noting that the Hindi heartland states account for close to 12 per cent of the Lok Sabha (Lower House) seats and have traditionally been a strong support base for the BJP at the centre.

Also read: Stock recommendations by market analysts for December 5, 2023: ICICI Bank, Minda Corporation and Atul