Adani Enterprises shares rise 3% as promoters raise stake

Shares of Adani Enterprises rose over 3% in early trade on Tuesday after promoters raised stake in the flagship company of Adani group. Kempas Trade and Investment, a promoter entity, acquired 2.53 crore shares of Adani Enterprises in the open market between August 7 and August 18, as per the exchange data. With this, the promoters' overall stake in the company increased from 67.65% to 69.87%. The value of stake buying is calculated to be around ₹6,675 crore based on Monday’s closing price on the NSE. The share price of the conglomerate ended 2.42% higher at ₹2,639.75 on the NSE.

Reacting to the news, shares of Adani Enterprises opened 1.2% higher at ₹2,671.50, against the previous closing price of ₹2,638.60 on the BSE. In the first hour of trade so far, the stock gained as much as 3.1% to ₹2,720.65, while the market capitalisation surged to 3.07 lakh crore. On the voume front, more than 1 lakh shares worth over ₹6,400 crore changed hands over the counter during the trade so far.

At the current price level, Adani Enterprises shares trade 35% lower than its 52-week high of ₹4,189.55 touched on December 21, 2022. However, the stock has risen 167% against its 52-week low of ₹1,017.10 hit on February 3, 2023, amid broad-based sell-off across Adani group shares following the release of a report by U.S. short seller Hindenburg Research on January 24 this year.

The stock has fallen nearly 12% in a year, while it has lost 30% in the calendar year 2023. However, the stock has gained 92% in the past six months and 11% in a month amid value buying by investors.

Adani Enterprises shares have been rising for the last four sessions and climbed over 11% during the same period triggered by investments by Rajiv Jain-led GQG Partners in billionaire Gautam Adani-led companies.

Last week, Rajiv Jain-led GQG Partners increased its stake in Adani Ports & SEZ by acquiring 22.56 lakh additional shares of the company through bulk deals on August 17, 2023, raising its stake in APSEZ from 4.93% to 5.03%.

Apart from this, the U.S.-based investment firm picked up 8.1% stake in Adani Power in the largest ever single equity deal in the Indian stock market. The fund acquired 31.2 crore equity shares of Adani Power for more than ₹9,000 crore ($1.1 billion) in a series of block deals on August 16.

GQG currently owns stake in five of the 10 Adani Group firms - Adani Enterprises, Adani Ports, Adani Green Energy, Adani Transmission, renamed as Adani Energy Solutions, and Adani Power.

In March this year, the firm acquired minority stakes in four of the listed Adani Group companies - AEL, APSEZ, AGEL, and ATL. In June, this was followed by additional stake buy in the group’s flagship Adani Enterprises and renewable energy firm Adani Green Energy by 1.6% and 2.2%, respectively. 

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