Ambani, Adani gained most from stocks rally

Banking stocks also rose smartly on expectations of a BJP election victory and economic revival

Reliance Industries chairman and managing director Mukesh Ambani and Adani Group promoter Gautam Adani are the two biggest beneficiaries of the rally in the stock markets since Friday.

Both these groups are perceived to be close to BJP prime ministerial candidate Narendra Modi, who is widely expected to form the government when the Lok Sabha election results are announced on May 16.

Reliance shares have risen 9.2% since Friday, meaning the value of the promoter group shareholding (45.3%) has soared by ` 12,898 crore to ` 1.55 lakh crore.

However, if the ` 1,062-crore value of the 3.73% shareholding of Petroleum Trust, that forms part of the promoter group but doesn’t belong to the Ambani family, is taken into account, the rise in the promoter group’s net worth is lower at ` 11,836 crore.

The shares of the three listed Adani Group companies — Adani Enterprises, Adani Ports & SEZ and Adani Power — have

RELIANCE SHARES HAVE RISEN 9.2% SINCE FRIDAY, AND THE SHARES OF THE THREE LISTED ADANI GROUP COMPANIES EVEN MORE

also shot up sharply since Friday. Adani Enterprises, which has risen 17.3% over these four session, has added ` 5,975 to the promoter group’s fortune.

Adani Ports (up 13.7%) and Adani Power ( 16.1%) have added ` 4,062 crore and ` 1,011 crore, respectively, and the Adani family is worth ` 11,050 crore more than it was on Friday morning.

But it was the public sector Bank of Baroda which was the biggest beneficiary of the rally since Friday. It has shot up 18.7% from ` 808 to ` 959. ICICI Bank and Axis Bank also gained.

“If there is an improvement in the economy, then banking stocks will be the first to gain,” said Rikesh Parikh, vice-president, Motilal Oswal Financial Services, about the rise in banking stocks.