Scrips of Adani companies up, as BJP leads
Posted on May 16 2014 | IANS
New Delhi, May 16 : Stocks of various Adani group companies rose Friday as on-going counting of votes cast in the April-May Lok Sabha elections showed Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) in the lead.
The group assumes significance as its chief Gautam Adani is said to be close to BJP's prime ministerial candidate Narendra Modi.
Stock of the group's flagship company Adani Enterprises at the Bombay Stock Exchange (BSE) zoomed by 13.72 percent or 69.45 points at Rs.570 around 11.30 a.m. from its previous day's close of Rs.500.55.
The scrip touched an intra-day high of Rs.585 hitting a fresh 52-week high.
Adani Ports and Special Economic Zone's scrip was up 2.88 percent or 6.45 points at Rs.226.60 from its Thursday's close of Rs.220.35.
Adani Power too made healthy gains by rising 4.73 percent or 2.60 points at Rs.57.50 from its previous day's close of Rs.54.95.
The sensitive index (Sensex) of the S and P BSE was ruling at a never-before high of 25,375.63 points against the previous close of 23,905.60 points, to log a single-day gain of 871.39 points, or 3.65 percent.
Analysts said the markets were afire expecting a stable government under BJP's prime ministerial candidate Narendra Modi, who is also seen as an industry-friendly leader. Every industry-specific index was trading at record high, exchange data showed.