Indian billionaire Gautam Adani’s wealth has tripled since Narendra Modi became the top opposition party’s prime minister pick eight months ago, fueling campaign attacks over the Gujarat chief minister’s plans to bolster Asia’s third-biggest economy.
Before heading to India’s snow-capped Himalayas to study Hinduism at age 17, Narendra Modi burned family photos, discarded most of his clothes and bent to touch his mother’s feet to receive a blessing.
India’s Congress party is claiming credit for a stock-market rally that sent the S&P BSE Sensex index to record highs. Much of the evidence suggests the real catalyst is Narendra Modi, the leader of the opposition party projected to win the national elections.
Adani Enterprises Ltd. hired seven banks including Citigroup Inc. and Bank of America Corp. to help it raise as much as $600 million selling shares to institutional investors, said two people with knowledge of the matter.
Indian stocks rose to record highs in a volatile trading session after vote counts showed the main opposition alliance set for the biggest election win in 30 years. The rupee strengthened, while the India VIX tumbled.
Mukesh Ambani, India’s richest man, added almost $1 billion to his wealth while Gautam Adani gained $400 million as early vote counting showed Narendra Modi’s opposition bloc is set for the biggest election win in 30 years.
Adani Enterprises Ltd. is in talks with Hancock Coal about sharing a rail line in Queensland state to transport the fuel used in power plants to ports on the east coast, the Australian Financial Review reported, citing an interview with Chairman Gautam Adani. The Indian company hasn’t had discussions with Hancock about buying a stake in its coal assets, the newspaper said, citing Adani.