GQG Partners Has Made 84% Returns On Adani Group Investments
Rajiv Jain-backed GQG Partners has made a gain of 84% on its Rs 20,360 crore investment in various Adani Group companies so far.
According to BQ Prime calculations, GQG's portfolio value in Adani Group companies has ballooned to Rs 37,459 crore, based on the closing price of shares on Dec. 5.
The company, which manages over $105 billion, has stakes in the flagship Adani Enterprises Ltd. as well as Adani Ports and Special Economic Zone Ltd., Adani Green Energy Ltd., Adani Energy Solutions Ltd., Ambuja Cements Ltd. and Adani Power Ltd.
The U.S.-based investment firm operates two funds—GQG Partners Emerging Markets Equity Fund and Goldman Sachs-GQG Partners International Opportunities Fund—through which it owns Adani shares.
It has pumped capital into the billionaire Gautam Adani-led conglomerate since March this year. Its last major investment was in August, when it acquired a stake worth Rs 8,700 crore in Adani Power from the promoters.
GQG Partners is betting on the execution ability of the Adani Group in its core infrastructure sector, Jain told BQ Prime earlier this year. He has bought into a conglomerate led by "an entrepreneur who does a phenomenally good job in execution," he said.
Adani Group stocks surged on Tuesday after a report said that the U.S. provided financing to the conglomerate's port terminal in Sri Lanka after concluding that allegations by Hindenburg Research were not relevant.
Adani Group's market capitalisation rose to Rs 13.9 lakh crore, gaining Rs 1.92 lakh crore on Tuesday. In the last two sessions, the group has made investors richer by Rs 3.12 lakh crore.
Adani Green Energy, Adani Enterprises, and Adani Ports and Special Economic Zones hit the upper circuit on Tuesday.
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