All Adani stocks in green, m-cap crosses ₹16 lakh cr; here’s why

Shares of all 10 listed entities of billionaire Gautam Adani-led Adani Group were trading in green on Thursday amid report that Rajiv Jain's GQG Partners has raised stakes in six group companies during January-March period of FY24. The group stocks rose in the range of 1-4%, led by Ambuja Cement, Adani Ports and Adani Power, pushing the group market capitalistion to over ₹16 lakh crore.

Shares of the conglomerate's flagship entity Adani Enterprises rose as much as 1.25%, while stock of Adani Green Energy and Adani Energy Solutions climbed 2% and 1.5%, respectively.

Ambuja Cement was the best performer among the group companies, rising up to 3.8% after Adani Family infused another ₹8,339 crore in the country’s second largest cement manufacturer, raising its stake in the company by 3.6% to 70.3%.

Among others, Adani Ports, Adani Power, Adani Wilmar, Adani Total Gas, ACC, and NDTV gained in the range of 1-3%.

The positive trends in Adani group stocks were in sync with the broader market, which were trading higher amid broad-based gain across sectors, led by BSE Metal and BSE TECk indices. At the time of reporting, the BSE Sensex was up 0.6% at 73,374, and the NSE Nifty gained 0.67% to 22,296.

GQG hike stake in 6 Adani Group companies  

During the March quarter, the U.S.-based investment firm GQG Partners reportedly picked up additional stakes in six Adani group companies for around ₹8,300 crore. These six companies are Adani Enterprises, Adani Green Energy, Adani Ports and SEZ, Adani Energy Solutions, Adani Power, and Ambuja Cement.

In Q4 FY24, GQG acquired shares worth ₹2,316 crore in Adani Energy Solutions, followed by stakes worth ₹2,138 crore and ₹1,555.18 crore in Adani Power and Adani Enterprises, respectively. Among others, it further raised its stake worth ₹1,369.27 crore in Adani Green Energy, ₹886.10 crore in Adani Ports and SEZ, and ₹33 crore in Ambuja Cements.

With this, the firm’s stake in Adani Power rose to 5.2%, followed by 4.53% in Adani Energy, 4.16% in Adani Green Energy, 4.07% in Adani Ports, 3.38% in Adani Enterprises, and 1.9% stake in Ambuja Cement.

GQG has been continuously investing in Adani Group companies since Hindenburg Research’s critical report on the conglomerate came out on January 24, 2023. In March 2023, the global equity-investment boutique firm acquired minority stakes in four of the listed Adani Group companies - AEL, APSEZ, AGEL, and ATL-, followed by additional stake buying in the group’s flagship Adani Enterprises and renewable energy firm Adani Green Energy by 1.6% and 2.2%, respectively. In the last one year, the GQG has gradually raised its stake in the conglomerate. 

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