Adani Energy Solutions: GQG Partners buys additional shares in this Adani firm in Q4

The latest shareholding pattern of Adani Energy Solutions Ltd (erstwhile Adani Transmission) suggests one of the schemes of Rajiv Jain's GQG Partners, which was the first investor in the Adani group firms in the aftermath of the Hindenburg report, bought a stake in the Adani group firm in the quarter gone by. Another GQG scheme upped stake in the largest private sector power transmission company in India, data showed.

GQG Partners Emerging Markets Equity Fund owned 2,03,24,405 shares or 1.82 per cent stake in the company as on March 31. It was not an investor in Adani Energy Solutions at the end of the December quarter.

Also, Goldman Sachs Trust Ii - Goldman Sachs GQG Partners International Opportunities Fund upped it holding in the company to 3,02,01,059 shares or 2.71 per cent in the March quarter from 2,79,44,313 shares or 2.51 per cent stake in the December quarter. In total, FPI holding in this Adani firm stayed unchanged at 17.49 per cent. LIC too did not tinker with its 3 per cent stake in the company on a sequential basis. Retail investors upped stake to 2.86 per cent from 2.78 per cent, BSE data showed.

The power transmission & distribution (T&D) sector in India is seen expanding, supported by favourable policy environments, substantial capacity enhancements, and increased openings for private sector involvement via tariff-based competitive bidding (TBCB).

Analysts noted that Adani Energy Solutions has set a goal to establish 30,000 ckm of transmission lines by 2030, capitalising on both organic & inorganic growth prospects. "Strong industry tailwinds and leading position in private tariff-based competitive bidding sector offer significant revenue growth," Ventura Securities said last month.

"We value Adani Energy Solutions at 17 times EV/Ebitda and recommend BUY with a target price of Rs 1,600, which represents an upside potential of 50.4 per cent from the CMP of Rs 1,064," Ventura Securities said.