Update on Adani Share Price: Following a recent investment by Rajiv Jain-led GQG Partners, the share price of Adani group equities including Adani Transmission, Adani Green Energy, Adani Ports, and Adani Power has received attention. The majority of Adani Group firms’ share prices recovered some of the ground they had lost in the June quarter after experiencing volatility in the March quarter as a result of significant accusations made against the Indian conglomerate by US-based Hindenburg Research. In the June quarter, the total market value of the Adani Group’s stocks climbed by more than 10% sequentially to reach Rs 10 lakh crore.
The promoter of Adani Transmission, Fortitude Trade and Investment, sold 33.9 million shares (3.04% interest) in the firm at an average price of Rs 786.19 per share for Rs 2,666.47 crore, according to NSE bulk deals data.
NSE records revealed that GQG Partners bought 21.3 million shares in total—1.91% of Adani Transmission—in two large transactions for a total of Rs. 1,676 crore.
Two days prior, the IHC Group, GQG Partners, and other parties invested almost $1 billion in the group’s major companies, Adani Enterprises Ltd. and Adani Green Energy Ltd.
With this transaction, GQG Partners increased its stake in two Adani group companies to over 5%, demonstrating its faith in the organisation despite the commotion the Hindenburg report produced.
GQG Partners invested more than Rs 15,000 crore in four Adani Group entities in March of this year: Adani Green Energy, Adani Transmission, Adani Enterprises, and Adani Ports and Special Economic Zone.
The US-based company increased its ownership of the Gautam Adani-led conglomerate later in May. In June, it invested a another $1 billion in three Adani companies.
Transmission by Adani:
At 11:40 IST today, Adani Transmission’s share price was trading 1.32% higher at Rs 777.40 a share. Following a 62% loss in the quarter before, the stock has dropped 23% in the quarter ending in June.
Adani Corporation
At 11:42 IST today, Adani Enterprises’ share price increased by 0.33% to Rs 2,396.00 a share.
After falling 55% in the quarter before, shares of Adani Enterprises had a net gain of more than 36% in the one that ended in June.
Indus Power
In today’s intraday trading session, Adani Power shares were down 0.14% at Rs 249.50 a share. Over 30% of the stock’s losses from the March quarter have been recovered by its recent gains, which total over 30%.
At 11:45 IST on Monday, Adani Green Energy’s share price was down 0.15% at Rs 944.45 per share.