GQG's Rajiv Jain is done buying Adani Group shares for now

Adani Ports, Adani Enterprises, Adani Energy Solutions, Adani Green Energy, Adani Power and ACC are among the companies where GQG increased its stake during the December quarter.

Based on the current market price, GQG is sitting on profits of nearly $4 billion on their investments in Adani Group companies after initially making an investment worth over ₹15,000 crore in March last year.

"Our profits are running just under 4 billion or thereabouts in the whole investment," Jain said.

GQG also increased its stake in FMCG giant ITC, which is currently valued at $2 billion.  Jain believes that even at the current valuations, ITC is a much more attractive bet when compared to Hindustan Unilever (HUL).

"That's (ITC) still reasonably valued, good volume growth story, the FMCG side of ITC has come to fruition, the hotel side should continue to do well as they spin that off," Jain said.

"So, at 23 odd times earnings, we feel that is extremely attractively valued versus Unilever, for example, 50 time plus earnings and this is a business that will grow at close to 14-15% upside its earnings growth," he added.

Jain also expressed his confidence in the India infrastructure story and highlighted other investments beyond Adani Group shares to play the infrastructure theme, such as JSW Energy and JSW Steel.

"I think the execution store is very good, which by the way, I don't think we feel doesn't get the full day in the sun. If you look at the roads build out, railway build out, airports, privatisation so on so forth, that is quite dramatic versus Indian history," he said.

Although Jain is not concerned about the upcoming elections and the resulting volatility, he remains unsure of an external shock to the system in the future, which, according to him, is "hard to predict."

"If I remember the 2004 election, markets declined sharply for a few days, and they began to calm down. There are a lot of checks and balances. The election stuff doesn't bother me. But there's execution risk in every name that we own and that's the kind of what we call the blocking and tackling of investing. From a macro perspective, I think seems readable. Could there be external shocks to the system? Of course, they can happen but at this point, it's hard to specifically predict what could go wrong," he said.