Adani Group Stocks Surge as Promoter Firm Boosts Stake in Two Companies, Including Adani Enterprises and Adani Ports

Signage atop the Adani Group headquarters in Ahmedabad, India, on Wednesday, June 21, 2023. US authorities are looking into what representations Adani Group made to its American investors following a scathing short seller’s report that accused the company of using offshore companies to secretly manipulate its share prices. Photographer: Prakash Singh/Bloomberg

VoM News Desk | September 11, 2023 | 04:34 AM IST | Breaking News | Follow on Google News

Adani Group Stocks Surge as Promoter Firm Boosts Stake in Two Companies, Including Adani Enterprises and Adani Ports. Images/Bloomberg

Adani Group stocks witnessed decent gains in early deals on Monday as investor sentiment improved about the group stocks after the group promoter firm increased its stake in two of the group’s listed companies.

As Mint reported earlier, the Adani Group promoter firm has increased its stake in two of the group’s listed companies as the conglomerate continues to work on a strategy to recover from the effects of the damaging reports.

Shares of the group’s flagship firm Adani Enterprises rose nearly 3 per cent, and those of Adani Ports, too, rose 3 per cent in early trade on BSE.

Shares of Adani Power rose almost 4 per cent. Shares of Adani Green, Adani Energy Solutions, Adani Wilmar, Adani Total Gas, NDTV, and Ambuja Cements rose up to 2 per cent. Shares of ACC rose by almost a per cent. The promoter group in stock exchange filings said it has increased its stake in flagship Adani Enterprises to 71.93 per cent from 69.87 per cent. The shares were bought by Kempas Trade and Investment Ltd and Infinite Trade and Investment Ltd.

This is the second time in less than a month that the promoters have raised stakes in the flagship firm. The promoters had last month increased their stake in Adani Enterprises Ltd from 67.65 per cent to 69.87 per cent. Both are promoter group firms.

In a separate stock exchange filing, the promoter group informed that it has also increased its stake in Adani Ports and Special Economic Zone Ltd from 63.06 per cent to 65.23 per cent. Resurgent Trade and Investment Ltd bought almost 1 per cent stake in Adani Ports and Special Economic Zone Ltd in open market transactions and another 1.2 per cent was purchased by Emerging Market Investment DMCC. Both are promoter group firms.

The move comes within weeks of the US-based boutique investment firm GQG Partners buying shares in Adani group firms.

The stock exchange filings show that the US-based firm increased its stake in Adani Ports & Special Economic Zone (APSEZ) to 5.03 per cent last month by way of a bulk deal. The US-based investment firm now has a stake in five of the 10 Adani Group firms.

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VoM News Desk

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