Adani bull GQG spends another billion dollars on 6 stocks
GQG Partners was net buyers in 6 stocks of Adani Group and is believed to have spent around $1 billion on the conglomerate in March.
The latest shareholding pattern shows that GQG's ownership rose 202 basis points (bps) from 2.51% in December to 4.53% in the March quarter. In the case of Adani Power, the FII's stake rose from 1.33% to 5.2% sequentially.
During the March quarter, GQG also bought more of Adani Enterprises, Adani Green Energy, Adani Ports and Ambuja Cements.
Also read | FIIs increase stake in 6 Adani stocks, LIC makes smart profit in March quarter
Not just GQG's, the total ownership of FIIs also rose in 6 out of 10 Adani stocks in the March quarter. During the quarter, FII ownership went up by 26 bps to 14.98% in Adani Ports. Adani Green Energy and Adani Wilmar also saw a rise of 12 bps each in FII holding. Other stocks in which foreign ownership rose quarter-on-quarter are Adani Power, Adani Total Gas and NDTV, shows data pulled from ACE Equity.
Mutual funds were seen raising bets on ACC, Adani Enterprises, Adani Green Energy and Adani Power. Retail investors, on the other hand, seemed to have booked profits in all stocks of the conglomerate barring Adani Energy.
In the meantime, the value of LIC's holding has increased by 59% or Rs 22,378 crore in FY24 despite trimming holdings during the year. In value terms, Adani Ports and Adani Enterprises are among the biggest bets for LIC within the conglomerate.
Earlier in the year, US brokerage firm Cantor Fitzgerald had initiated coverage with an
