Adani Power shares took a 13.75% leap, reaching Rs 451.50 on BSE. As of September 30, GQG Partners EM Equity Fund held a 1.28% stake in this Adani group company.
Adani stock saga
On Tuesday, as the shares of Adani group companies surged by up to 20%, GQG Partners, led by Rajiv Jain, raked in a hefty profit of around Rs 3,000 crore in just one session. According to data from the corporate database Ace Equity, the Adani bull had stakes in six out of the ten listed Adani group firms, including Adani Power Ltd, Adani Energy Solutions Ltd, Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Ports & SEZ, and Ambuja Cements. The estimated value of GQG’s investments stood at roughly Rs 31,000 crore, compared to Rs 27,998.08 crore at Friday’s closing levels.
In the Tuesday trading session, Adani Power Ltd’s shares saw a robust 13.75% climb, reaching Rs 451.50 on BSE. As of September 30, GQG Partners EM Equity Fund held a 1.28% stake in this Adani group firm. Adding to the mix, Goldman Sachs Trust II- Goldman Sachs GQG Partner had another 2.75% stake in this utility player.
Meanwhile, the stocks of Adani Energy Solutions Ltd experienced an impressive surge of 17.75%, hitting Rs 860. Holding a 2.49% stake as of September 30, Goldman Sachs Trust II – Goldman Sachs GQG Partners International Opportunities Fund was in the mix here.
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As for the flagship of the Adani group stock, Adani Enterprises , its shares hit the upper circuit limit of 10%, locking in at Rs 2,449.45. Notably, two GQG-related funds collectively held a 2.74% stake in Adani Enterprises as of the end of September.
Adani Green Energy shares saw a significant rise of 13.50%, while Adani Ports stock showed a gain of 5.32%, and Ambuja Cements added 4.59%. GQG had stakes ranging from 1.8% to 3.6% in these three Adani group companies.
In the aftermath of the Hindenburg Research report that triggered a massive $150 billion slump in Adani group shares, GQG Partners stepped in as the group’s initial investor. On March 2, they invested Rs 15,446.35 crore in four of the group companies, later progressively increasing stakes across various Adani group firms.
Although the total market capitalization of the Adani group stock briefly crossed Rs 11 lakh crore in intraday trading, it’s still down by about 40% from the Rs 19.19 lakh crore level on January 24, the day when Hindenburg Research made allegations of stock manipulation and accounting fraud against the Adani group. Subsequently, the Supreme Court directed SEBI to investigate these claims. As of Friday, the Supreme Court reserved its order in the Adani-Hindenburg case after hearing multiple pleas on the matter.
The Chief Justice of India, DY Chandrachud, and his bench indicated that the court couldn’t solely rely on a handful of media reports to question the market watchdog’s investigation into the case. However, they emphasized that the Securities and Exchange Board of India (SEBI) needs to wrap up the probe in all 24 cases. In a status report on August 25, SEBI had indicated that it had concluded its investigation in 22 out of the 24 cases.