GQG Ups Investment in Adani Group, Buys ₹8,300 Crore Shares

18 Apr 2024 , 01:38 PM

In the March quarter, Rajiv Jain’s GQG Partners raised its investments in six Adani group companies by around ₹8,300 Crore, or $1 billion, demonstrating the group’s resilience following the Supreme Court’s denial of the necessity for a second probe brought on by the Hindenburg Research report.

The six businesses are Ambuja Cement Ltd., Adani Ports and SEZ, Adani Power Ltd., Adani Green Energy Ltd., Adani Enterprises Ltd., and Adani Energy Solutions Ltd.

GQG increased its investment in Adani Energy Solutions by the most during the March quarter, investing ₹2,316 Crore. Adani Power Ltd and Adani Enterprises Ltd also saw increases in their holdings, totaling ₹2,138 Crore and ₹1,555.18 Crore, respectively. GQG purchased shares in Adani Green Energy for ₹1,369.27 Crore and Adani Ports and SEZ for ₹886.10 Crore. It increased its ownership of Ambuja Cement by investing ₹33 Crore to buy more shares.

Currently, GQG owns a 5.2% stake in Ambuja Cement (valued at ₹2,260 Crore), 4.07% in Adani Ports and SEZ (valued at ₹11,792 Crore), 3.38% in Adani Enterprises (valued at ₹12,298 Crore), 4.16% in Adani Green Energy (valued at ₹12,067 Crore), and 5.3% stake in Adani Power (valued at ₹10,719 Crore). of Adani Energy.

According to data from Fisdom research, as of the March 2024 quarter, the value of GQG Partners’ holdings in the six Adani Group companies had increased by 33% to ₹54,300 Crore over the previous quarter.

From its initial investment of ₹21,660 Crore, the portfolio has increased by 149% overall, representing gains from investments made throughout three phases, beginning in March 2023. In the Adani Group, GQG made phased investments in March, June, and August of 2023.

As of March 2024, LIC’s holdings in Adani Group stocks had increased by 56% compared to the same month last year, reaching ₹61,210 Crore from ₹39,244 Crore.

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