With a dream run in Adani group stocks underway, the Adani group founder Gautam Adani saw his wealth swell a whopping $12.3 billion in a single, as he inches closer to Mukesh Ambani in race of the richest Indian. At $82.50 billion, the Gujarat-based industrialist entered top 15 list of billionaires at last count and was $8.9 billion behind the richest India Mukesh Ambani ($91.4 billion), as per the publicly available Bloomberg Billionaire index.
His wealth might have swelled further, as the group stocks gained up to 19 per cent, taking their 3-day winning run to up to 59 per cent. Adani is now just behind the Spanish billionaire Amancio Ortega ($83.6 billion) and is ahead of American billionaire Waltons– Jim ($70.90 billion, Rob ($69.7) and Alice ($68.60 billion). At his peak, Adani commanded a fortune of $150 billion.
Access the real-time and historical data on market capitalisation of Adani group companies at BSE500 Rankings https://www.businesstoday.in/bt500
On Wednesday, the Adani group’s wealth jumped to Rs 15 lakh crore mark for the first time since the Hindenburg Research’s scathing report in January this year that triggered a $150 billion rout in Adani group shares. The Supreme Court recently reserved its order in the Adani-Hindenburg case after hearing multiple pleas in the matter while noting that the Hindenburg Research report should not be treated as a statement of truth. It suggested that the apex count cannot doubt Sebi’s probe into the case by relying merely on a few media reports.
Adani stocks also gained as a Bloomberg suggested that a US agency concluded accusations against the Gautam Adani-led conglomerate in the Hindenburg case were irrelevant. Vinit Bolinjkar, Head of Research at Ventura Securities said told Business Today TV, that post the ‘clean chit’ to Adani group from the US, a lot of bond money would flow into the group, which may ease liquidity pressure. “The group will be able to get long-term funding at lower rates given its focus on the infrastructure sector,” he told BT TV.
A third reason why Adani stocks are seeing a rally is the optimism in the broader market over the prospects of BJP winning the third term in general elections next year. Gautam Adani had added $4.41 billion to his wealth on Monday.
Elara Securities said the state elections outcome would ease market concerns about shake-up in policy priorities of the BJP at the Centre in terms of infrastructure spending, defence indigenisation, Atmanirbhar Bharat and energy transition.