homemarket NewsCNBC TV18 Edge: GQG investments in Adani Group companies increases by $1.2 billion in just three sessions
CNBC-TV18 Edge: GQG investments in Adani Group companies increases by $1.2 billion in just three sessions
An analysis by CNBC-TV18 shows that GQG's investments in Adani Group companies, which was at $4 billion is now worth $6 billion. This jump has taken place on the back of the surge in the shares of Adani Group companies over the last three sessions.
Adani Group companies continued their stellar upmove on the back of multiple positive developments over the last few days. This has taken the combined market capitalisation of the Adani Group companies back to ₹14 lakh crore, with ₹3 lakh crore added just in the last two trading sessions.
Over the last month, the market capitalisation of Adani Group companies has gone up by 34%.
Adani Group stocks like Enterprises, Ports, Total Gas, Green Energy and others took a beating after short seller Hindenburg Research put out a report on January 24 alleging wide-ranging corporate malpractices against billionaire Gautam Adani's conglomerate.
The resultant correction saw the stocks plunge from their highs and the group's overall market capitalisation falling to an all-time low of ₹5.8 lakh crore. On Tuesday alone, the group saw an addition of ₹1.8 lakh crore in its market value.
All 10 Adani Group companies rallied in Tuesday's trading session with Adani Green, Adani Total Gas, and Adani Energy Solutions ended in an upper circuit of 20%, while Adani Ports hit a record high on Tuesday. Other stocks ended with gains between 10% to 15%.
GQG Partners had earlier invested ₹15,446 crore in four Adani Group companies on March 2 this year. The fund, led by US-based Rajiv Jain, increased its stake subsequently in these companies across the June and September quarters.
In August, the promoters of Adani Power sold 31 crore shares or nearly 8% of the total equity to GQG in a deal valued at nearly ₹9,000 crore. Since that deal on August 16, the shares of Adani Power are up 90%, taking the total GQG investment value to nearly ₹17,000 crore.
As of date, the current value of GQG's investments is nearly worth ₹50,000 crore or nearly $6 billion, from the $4 billion it invested.
As of the September quarter, GQG holds the largest stake in Adani Power, followed by Adani Energy Solutions. It has a 3.5% stake in both Adani Green and Adani Ports respectively, according to data available on the exchanges.
GQG holdings in Adani stocks | |
| Company | As of September |
| Adani Power Ltd | 7.73% |
| Adani Energy Solutions | 6.54% |
| Adani Green Energy Ltd | 3.55% |
| Adani Ports And SEZ | 3.53% |
| Adani Enterprises Ltd | 2.74% |
| Ambuja Cements Ltd | 1.8% |
Brokerage firm Kotak Securities revised its price target on Adani Ports higher to ₹1,060 on Tuesday, which is the third highest target for the stock on the street. India's largest ports operator ended at a record high on Tuesday, recovering nearly 3x from its Hindenburg lows of ₹392 per share.
(Edited by : Hormaz Fatakia)
First Published: Dec 5, 2023 4:16 PM IST
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