Best day for Adani stocks since report, mcap up 9%

Mumbai: A day after Adani family sold stakes in four group companies to a large US-based investor for about Rs 15,446-crore, all the 10 Adani group stocks rallied and closed with strong gains. In terms of market capitalisation gain, the combined value jumped 8.7% or by Rs 68,255 crore to Rs 8.5 lakh crore, BSE data collated by TOI showed.
In terms of market cap gains, Friday was the best day for the group since Hindenburg released a critical report on the conglomerate’s business practices over a month ago. Since January 25, the group’s 10 stocks were being pummelled over Hindenburg’s report allegations against the group of stock price manipulation, accounting fraud and corporate malfeasance
On Thursday, S B Adani Family Trust sold 3.4% in Adani Enterprises for Rs 5,450 crore, 4.1% in Adani Ports & SEZ for Rs 5,282 crore, 3.5% in Adani Green Energy for Rs 2,806 crore and 2.6% in Adani Transmission for Rs 1,898 crore. Over 60% of these stakes in each of these companies were bought by GQG Partners, a US-based fund manager that manages over $92 billion in assets.
On Friday, Adani Enterprises closed 17% up, while Adani Ports gained nearly 10%. Ambuja Cements and ACC, the two cement companies within the group gained more than 5% each. The remaining six stocks — Adani Total Gas, Adani Transmission, Adani Green Energy, Adani Power, Adani Wilmar and NDTV — closed at their 5% upper circuit levels, BSE data showed.
In contrast to gains in Adani Group’s stocks, GQG Partners, that’s listed on Australian Securities Exchange (ASX), closed 3% lower. While Rajiv Jain, one of the two founders of the fund sounded very optimistic about the stake buy in Adani companies, a Reuters report said that it had raised queries from an Australian pension fund client of GQG, at a time when major investors, including Norway’s sovereign wealth fund, were selling the stock.
The gain in Adani Group’s stocks in the past four days has also lifted group chairman Gautam Adani to the 26th place among the world’s richest, from the 38th spot earlier this week, Forbes data showed.

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