Adani Enterprises hits 52-week high as SBI Mutual Fund absorbs GQG Partners' ₹1,435 crore block sale

Adani Enterprises hit a 52-week high on Thursday as shares surged 8.85% to close at ₹2,719 on the NSE, even as US-based GQG Partners offloaded a substantial portion of its holding in the company through a large block deal worth ₹1,435 crore.

GQG Partners, through its affiliate GQG Partners Emerging Markets Equity Fund, sold 58,92,423 shares — representing a 0.45% stake in Adani Enterprises — at an average price of ₹2,435.60 per share, taking the total transaction value to ₹1,435.16 crore, as per block deal data available on the National Stock Exchange.

Who bought what GQG sold

SBI Mutual Fund — India's largest mutual fund by assets — purchased the entire block of 58.92 lakh shares at the same price of ₹2,435.60, absorbing the full supply in one shot.

In a block deal, a large quantity of shares changes hands through a special trading window. The buyer and seller negotiate the price and quantity in advance, and the transaction settles at a fixed rate.

Following the transaction, GQG Partners Emerging Markets Equity Fund's holding in Adani Enterprises declined to 1.14% from 1.59%. The sale does not represent an exit from the stock, but a trimming of its position, likely for portfolio rebalancing reasons.

GQG Partners, backed by fund manager Rajiv Jain, had first invested in the Adani Group in early 2023, buying stakes in multiple group companies at a time when the conglomerate was severely hit following short-seller Hindenburg Research's report. Since then, GQG had emerged as one of the most prominent foreign institutional investors backing the group.

Stock reaction

Despite nearly 59 lakh shares hitting the market in a single transaction, Adani Enterprises ended the day 8.85% higher at ₹2,719, touching an 52-week-high of ₹2,720 during the session.

The stock has now climbed over 54% from its March 2026 low of ₹1,753, reclaiming levels last seen more than a year ago.

The broader rally in Adani Enterprises has been building over the past several weeks, driven by a combination of factors. The company's Q4 FY26 results, declared on April 30, showed full-year revenue of ₹1,02,943 crore, up 3% year-on-year, and EBITDA of ₹16,464 crore. Full year net profit came in at ₹9,339 crore, up 31%, though a large portion of that included one-time gains from stake sales in Adani Wilmar and cement businesses.

The company posted a net loss of ₹221 crore in the March quarter, primarily due to a sharp rise in depreciation as two major capital projects — the Navi Mumbai Airport and the Kutch copper smelter — became operational during the period.

Management commentary on the April 30 earnings call noted that around 80% of the company's EBITDA now comes from long-term infrastructure businesses with contracted revenue — a structural shift away from the more volatile coal trading business that had historically been a dominant contributor.

Investors also tracked the $15 billion Google AI data centre project in Visakhapatnam, which is being developed in partnership with AdaniConnex, and the Kutch copper plant, which produced around 94,000 tonnes in its first year against a planned annual capacity of 5,00,000 tonnes.