Shares of Adani Group companies have recovered by up to 18% from their early morning lows on hopes that the ruling Bharatiya Janata Party (BJP) will retain power in Gujarat.
Adani Enterprises, the flagship company of the Gujarat based Adani Group, was trading 1% higher at Rs 156, recovering 18% from its intra-day low of Rs 132 on the BSE. The stock hit an intra-day high of Rs 158 so far.
Adani Transmission, Adani Power and Adani Ports and Special Economic Zone were trading higher in the range 1% to 3%. These stocks recovered between 9% and 14% from their respective intra-day lows.
At 10:23 AM; the S&P BSE Sensex was trading 0.55% higher at 33,646, bouncing back 3.2% or 1,050 from early morning low of 32,596. It touched high of 33,704 so far.
The BJP is leading in 56 seats and the Congress in 50, according to official trends available for Gujarat Assembly polls after one-and-a-half hour of counting. As per the Election Commission trends available for 109 seats, the BJP is ahead in 56 seats, while the Congress candidates have a slight edge over their BJP opponents in 50 constituencies. CLICK HERE TO READ FULL REPORT.