After the promoter group headed by billionaire Gautam Adani upped its investment in the company’s flagship, shares of Adani Enterprises Ltd. surged by more than 3% on Tuesday.
On the BSE, the stock increased 3.10 percent to Rs 2,720.65.
It increased 3% to Rs 2,721 at the NSE.
1.12 lakh shares of the company were traded on the BSE during the morning trades, while 22.58 lakh shares were traded on the NSE.
As the ports-to-energy conglomerate continues to recover from the repercussions of a report by US short-seller Hindenburg Research, the Gautam Adani-led promoter group has upped its share in the group’s main company.
According to a stock market filing, the promoter group boosted its ownership in Adani Enterprises Ltd. from 67.65 percent to 69.87 percent.
Kempas Trade and Investment Ltd, a member of the promoter group with a small investment in the company, purchased 2.22 percent on the open market between August 7 and August 18, according to the statement.
The rise in ownership occurs at the same time as US-based boutique investment company GQG Partners has begun purchasing Adani group companies’ stock.
Inappropriate use of tax havens, stock price manipulation, and accounting fraud were all suggested in the Hindenburg report, which was published on January 24.
Adani Group has refuted all of Hindenburg’s accusations and is preparing a recovery plan that involves redefining its goals, abandoning acquisitions, paying off debt in advance to allay worries about its cash flows and borrowings, and slowing down the speed at which it invests in new projects.