Adani Enterprises, Adani Green, Adani Power: Adani stocks recover post election jitters

A host of Adani group shares such as Adani Enterprises Ltd, Adani Green Energy, Adani Power and Adani Green Energy climbed up to 8 per cent in Thursday's session, staging a smart recovery post election jitters. The stocks, along with the broader market, recovered on hopes that political continuity, with the NDA back to power, would help capex-related stocks sustain high valuations.

The group flagship Adani Enterprises advanced 2.79 per cent to Rs 3,204.10. This was in addition to a 5.2 per cent rise for the stock on Wednesday. The scrip closed 14.70 per cent lower on the election results day, the day the benchmark indices dived nearly 6 per cent.

Adani Ports advanced 2.63 per cent to Rs 1,390.85. This stock rallied 8.58 per cent on Wednesday, after bleeding 21.26 per cent on the results day. Adani Power Ltd climbed 6.84 per cent to Rs 775.85 level today. This scrip ended flattish on Wednesday after a 17 per cent battering in the preceding session. Adani Energy Solutions Ltd surged 6.21 per cent to Rs 1,011.55. This scrip had fallen 2.58 per cent on Wednesday and 20 per cent on Tuesday.

Adani Green Energy Ltd added 3.29 per cent to Rs 1,887.70. Adani Total Gas Ltd rose 4.94 per cent to Rs 978.80, in addition to 11 per cent rise on Wednesday. This stock had plummeted 19.20 on election jitters. Cement stocks ACC and Ambuja Cements have also recovered post 15-17 per cent fall on the election day.

Narendra Modi is likely to take oath as Prime Minister for the third time on June 8. Kotak said the broad macroeconomic agenda is unlikely to change significantly. Both the allies, TDP and JDU, are likely to be supportive of the BJP’s focus on fiscal consolidation and investment-led growth, it said.

(More to come)