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Friday, July 19, 2024
HomeAdani Green Energy, Adani Enterprises, Adani Ports Shares Rallied Up to 12%...

Adani Green Energy, Adani Enterprises, Adani Ports Shares Rallied Up to 12% Today. Here’s Why

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Adani Green Energy, Adani Enterprises, Adani Ports Shares Rallied Up to 12% Today. Here’s Why

Adani stocks: Motilal Oswal Securities expects the policy agenda of Modi 2.0 — investment-led growth, capex, infrastructure creation, manufacturing) to continue, although with some tweaks.

Adani group shares such as Adani Green Energy Ltd, Adani Enterprises Ltd and Adani Ports climbed up to 12 per cent in Wednesday’s trade following a rout in the previous session as brokerages felt the next government, under the Prime Minister Narendra Modi, may continue to support investment-led growth and capex in the third term.

On a day Sensex climbed over 3 per cent, Adani Enterprises Ltd surged 6.35 per cent to Rs 3,126.50. Adani Ports jumped 8 per cent to Rs 3,126.50. Adani Green Energy surged 11.81 per cent to Rs 1,840.90. Adani Total Gas added 2.03 per cent to Rs 926.90. Ambuja Cements and ACC climbed 5-8 per cent.

Modi, who tendered his resignation along with the Council of Ministers to President Droupadi Murmu today, is likely to be sworn in as the Prime Minister for a third consecutive term on June 8 evening, sources told India Today.

The NDA moved past the majority mark to win 292 seats, but the BJP fell short of the majority on its own. If the NDA forms the government, Modi will be the second leader to retain power for a third term after former Prime Minister Jawaharlal Nehru.

Despite the reduced majority, Motilal Oswal Securities expects the policy agenda of Modi 2.0 — investment-led growth, capex, infrastructure creation, manufacturing) to continue, although with some tweaks.

“While the broad thrust on capex and investment-led growth continues, the agenda going forward could also include measures for reviving consumption at the bottom-of-the-pyramid, some relief in taxation measures, and indeed the rationalization in the GST structure. The government does have some leeway with the higher-than-expected RBI dividend and recent moderation in Brent crude prices,” Motilal Oswal Securties noted.

Kotak sees continued focus on energy transition and infrastructure development. The government has already executed the bulk of the required reforms for incentivizing private investments and execution will now be more material, it said.

www.businesstoday.in

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