Adani Group stock saw gains of up to 7% in early deals on Monday, September 11 as investor sentiment improved about the group stocks after the group promoter firm increased its stake in two of the group’s listed companies. Billionaire Gautam Adani-led promoter group has increased stake in Adani Enterprises and Adani Ports.
The promoter group has increased its stake in flagship Adani Enterprises to 71.93% from 69.87%, according to stock exchange filings. This is the second time in less than a month that the promoters have raised stake in Adani Enterprises. The promoters had last month increased their stake in Adani Enterprises Ltd from 67.65% to 69.87%.
The name of acquirer of Adani Enterprises stake included Kempas Trade and Investment and Infinite Trade & Investment. Kempas Trade and Investment acquired 68,99,300 shares, or 0.61% stake, between August 21 and August 22 while Infinite Trade and Investment bought 1,66,00,000 shares, or 1.46% stake, in Adani Enterprises between August 30 and September 7.
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Adani promoter group has also increased its stake in Adani Ports and Special Economic Zone Ltd from 63.06% to 65.23%. Resurgent Trade and Investment Ltd bought almost 1% stake in Adani Ports and Special Economic Zone Ltd in open market transactions and another 1.2% was purchased by Emerging Market Investment DMCC. Both are promoter group firms.
Adani Grup promotors' stake increase in the two listed companies of the group comes as the ports-to-energy conglomerate continues to work on a clawback strategy after being hit by damaging reports from US-based short seller Hindenburg Research and George Soros-backed OCCRP.
Adani Grup promotors' stake increase in Adani Enterprises and Adani Ports 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 to 5.03% 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.
Following the promotors' stake increase, shares of the group's flagship firm Adani Enterprises rose nearly 3% to hit an intraday high of Rs 2,587 on NSE, and those of Adani Ports rose over 6% to an intraday high of Rs 887.20 in early trade on NSE. Shares of Adani Power rose 7% to a high of Rs 397.50 on NSE.
Shares of Adani Green, Adani Energy Solutions, Adani Wilmar, Adani Total Gas, NDTV, and Ambuja Cements rose up to 3%. Shares of ACC rose by almost around 1%. Notwithstanding the hit by short-seller Hindenburg Research and billionaire George Soros-funded Organised Crime and Corruption Reporting Project, Adani Group companies' market capitalisation surpassed the Rs 11-lakh crore-mark on Friday on the back of consistent value buying from both domestic and international investors.
Meanwhile, Adani Enterprises said Adani Global, Singapore, a step-down wholly owned subsidiary of the Company has signed a 50:50 joint venture agreement with Kowa Holdings Asia, Singapore in accordance with the terms of the agreement for the sales and marketing of green ammonia, green hydrogen and its derivatives produced and supplied by Adani Group, in the agreed territory.
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