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Adani Group shares rally; Adani Ports, Adani Enterprises hit 52-week highs

SI Reporter/Mumbai 23 May 19 | 01:47 PM

Shares of Adani Group companies surged up to 14 per cent intra-day on the BSE on Thursday as trends showed the Narendra Modi-led National Democratic Alliance (NDA) leading the vote counts for the 2019 Lok Sabha election.

Adani Ports and Special Economic Zone, Adani Enterprises, Adani Power, Adani Transmission, Adani Gas and Adani Green Energy were up 7 to 14 per cent on the BSE in early morning deal today, while Adani Enterprises (up 14 per cent at Rs 181) and Adani Ports (11 per cent at Rs 415) have hit their respective 52-week highs.

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Adani Group stocks have historically performed well whenever the BJP government has tasted victory because of the perception that the group Chief Gautam Adani is close to Modi.

In the past four trading days, the stock of Adani Enterprises has zoomed 52 per cent from level of Rs 119 on Friday, May 17, 2019 after exit polls on Sunday gave clear victory to the incumbent government with Prime Minister Narendra Modi set for another term.

Adani Green Energy, Adani Gas and Adani Power were up 26 per cent each thus far in the current week. In comparison, the benchmark S&P BSE Sensex was up 4 per cent.

Meanwhile, Adani Ports today announced that it has signed an agreement to develop and operate a container terminal at Yangon Port in Myanmar.

“The proposed container terminal at Myanmar is part of the company’s strategy to expand its container terminal network in South-East Asia. This will also act as a network point to feed into our upcoming transshipment hub at Vizhinjam," Adani Ports said in a press release.

The BOT/ Lease agreement is signed for 50 years and extendable twice for ten years each. The terminal will have a capacity to handle 0.80 Mn TEUs of containers. The construction of phase I is expected to be completed by June, 2021, it said.

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