Adani Enterprises shares hit upper circuit, Group stocks surge after GQG buys $1.87 bln stakes; Adani Ports up 7%

Adani Group stocks surged on Friday, with the flagship firm Adani Enterprises share price hitting the upper circuit, after US investment firm GQG purchased stakes worth $1.87 billion in four group firms. GQG is one of the world’s leading Global and Emerging Markets investors, which manages more than $92 billion in client assets. Adani Enterprises shares hit the upper circuit, surging over 10% to Rs 1778.15, Adani Ports shares rose 6.66% to Rs 664.70, Adani Transmission and Adani Green Energy shares hit the upper circuit rising 5% to Rs 743.75 and Rs 562.00, respectively.

Out of the total amount of Rs 15,446 crore invested by GQG, Rs 5,460 crore went to Adani Enterprises; Rs 5,282 crore to Adani Ports and Special Economic Zone Ltd; Rs 1,898 crore to Adani Transmission; and Rs 2,806 crore to Adani Green Energy. Due to this deal, foreign institutional investors turned net buyers in the Indian share market on Thursday, purchasing shares worth a net Rs 12,771 crore.

In Adani Green Energy, SB Adani Family Trust offloaded 5.56 crore equity shares at an average price of Rs 504.6 per share, totalling Rs 2,805.6 crore. While, Goldman Sachs Trust II-Goldman Sachs GQG Partners International Opportunities Fund bought more than 2.25 crore equity shares in the company and GQG Partners Emerging Markets Equity Fund purchased 1.38 crore shares at an average price of Rs 504.6 per share, which were total worth Rs 1,833.6 crore.

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In Adani Enterprises, SB Adani Family Trust sold 3.87 crore shares at an average price of Rs 1,410.86 per share, totalling more than Rs 5,460 crore. While GQG Partners Emerging Markets Equity Fund acquired 90.22 lakh equity shares and Goldman Sachs Trust II-Goldman Sachs GQG Partners International Opportunities Fund bought 1.51 crore shares at an average price of Rs 1,408.25 per share, which were total worth over Rs 3,403 crore.

In Adani Ports and Special Economic Zone, SB Adani Family Trust sold 8.86 crore shares, at an average price of Rs 596.2 per share, totalling to Rs 5,282.33 crore. However, Goldman Sachs Trust II-Goldman Sachs GQG Partners International Opportunities Fund purchased 3.87 crore shares, and GQG Partners Emerging Markets Equity Fund bought 2.04 crore shares in Adani Ports, at the same average price, which were worth more than Rs 3,527.7 crore.

In Adani Transmission, SB Adani Family Trust offloaded 2.84 crore shares at an average price of Rs 668.4 per share, totalling Rs 1,898.25 crore. However, Goldman Sachs Trust II-Goldman Sachs GQG Partners International Opportunities Fund acquired 82.15 lakh shares and GQG Partners Emerging Markets Equity Fund purchased 88.92 lakh shares in the company at the same average price, which were worth Rs 1,143.5 crore.

On January 24, Hindenburg Research published a report named ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History’ and accused the Adani family of stock manipulation and money laundering through offshore shell companies. Within a few weeks, Adani Groups’ market capitalisation fell over 50% with some of the company stocks crashing as much as 80%.