GQG Raises Stake In Adani Stocks Making Them Worth Rs 57,000 Crore
The investment firm bolstered its position in Q4 across five key companies within the Adani Group, viz., Adani Enterprises, Adani Green Energy, Adani Energy Solution, Adani Power, and Ambuja Cements.
Billionaire Rajiv Jain-backed GQG Partners' stake in the Adani Group companies rose in the January-March quarter, valuing it over half a lakh crore, in line with a boom in Indian equities this year. During the fourth quarter, GQG Partners bolstered its positions across five key companies within the airports-to-edible oils conglomerate.
Among these are the flagship Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd., and Adani Green Energy Ltd.
The U.S.-based investment firm more than doubled its ownership in Adani Energy Solutions Ltd. to 4.53% in Q4, up from 2.02% as of Dec. 31, according to shareholding data on the BSE.
Similarly, its stake in Adani Power Ltd. saw a notable rise to 5.2% during the fourth quarter, reflecting a growth of over 1%.
The sole outlier was Ambuja Cements Ltd., where the foreign portfolio investor reduced its stake by 0.15% to 1.68%.
NDTV Profit's calculations place the value of GQG Partners' holdings at Rs 57,008.5 crore as of April 10.
GQG Partners, which manages over $100 billion in assets, operates two funds: the GQG Partners Emerging Markets Equity Fund and the Goldman Sachs-GQG Partners International Opportunities Fund, through which it owns Adani shares.
The company is betting on the execution ability of the Adani Group in its core infrastructure sector, Jain had told NDTV Profit earlier. He has bought into a conglomerate led by "an entrepreneur who does a phenomenally good job in execution".
LIC Shareholding
Life Insurance Corp.'s stake in two Adani Group companies fell marginally in the January-March quarter.
The insurer's ownership in ACC Ltd. and Ambuja Cements Ltd. declined 0.01% and 0.6%, respectively, according to stock exchange data.
However, stakes in Adani Total Gas, Adani Ports, Adani Green Energy, Adani Enterprises, and Adani Energy Solutions remain unchanged.
The aggregate value of LIC's holding in the conglomerate is Rs 62,320 crore.
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