MF stake in Adani Enterprises topped 1% in April; funds bought Adani Ports & Ambuja Cements shares, sold ACC stock

Mutual funds were seen buying additional stakes to the tune of 8-17 basis points in three of Adani group companies namely Adani Enterprises Ltd, Adani Ports & SEZ Ltd and Ambuja Cements Ltd in April while they were seen trimming stake in the Gautam Adani-led cement maker ACC. Domestic fund managers did not tinker with their holdings in Adani Green Energy, Adani Transmission, Adani Total Gas, Adani Wilmar and Adani Power during the period, monthly data compiled from PRIME Database suggests.

Adani Enterprises

Data showed mutual funds held 1,16,50,252 shares, or 1.02 per cent stake, in Adani Enterprises as of April 30. This is against 97,51,468 shares, or 0.86 per cent stake, as of March 31. Fund managers held Rs 2,242.62 crore worth the Adani group's flagship against Rs 1,706.95 crore in March.

This company reported a 138 per cent rise on a year-on-year (YoY) rise in the consolidated net profit at Rs 722.48 crore for the March quarter, helped by a strong performance at its key coal trading division. The company had clocked a net profit at Rs 304.32 crore in the same quarter previous year.

Adani Ports & SEZ

Mutual Funds held 6,83,90,343 shares, or 3.17 per cent stake, in Adani Ports & SEZ at April-end, amounting to Rs 4,659.43 crore. This is against 6,67,51,157 shares, or 3.09 per cent stake, as of March 31, amounting to Rs 4,218.01 crore. This Adani group firm is yet to report its quarterly results

Ambuja Cements

Mutual funds owned 11,61,78,999 shares or 5.85 stake in Ambuja Cements in April, amounting to Rs 4,606.50 crore. This is against 11,46,25,362 shares or 5.77 per cent stake in Ambuja Cements in April, amounting to Rs 4,190.13 crore.

For the March quarter, Ambuja Cements reported a marginal rise in net profit at Rs 502 crore for the quarter ending March 31, 2023. It was Rs 494 crore in the year-ago period. The cement maker's revenue from operations rose 8 per cent to Rs 4,256 crore in Q4FY23 compared with Rs 3,927 crore in Q4FY22.

ACC

While mutual funds upped stakes in cement maker Ambuja Cements, they trimmed stake in ACC during the month. MF holding in ACC stood at 1,59,89,560 shares, or 8.51 per cent stake, amounting to Rs 2,818.72 crore. They held 1,66,96,224 ACC shares (8.89 per cent), amounting to Rs 2,783.59 crore at the end of March.

ACC clocked a 40 per cent decline in consolidated net profit at Rs 236 crore for the March quarter due to higher expenses. It reported consolidated net profit of Rs 396 crore in the year-ago period. The cement producer's consolidated revenue from operations rose 8% at Rs 4,791 crore in Q4FY23 as against Rs 4,427 crore in the year-ago period.

Also read: YES Bank, Ujjivan SFB, South Indian Bank shares gain amid high volumes; Tata Motors, Bajaj Finance, Astral see high turnovers

Also read: PVR Inox shares fall after 1st post-merger results. What analysts say ahead of conference today