Adani stocks gain up to 5% led by Adani Power
Adani Power shares gained 5% to the day's high of Rs 321.90 on the NSE in Monday's trade, maintaining a two-session winning streak, following an 8.1% stake sale to the US-based investment firm GQG, along with other investors in a $1.1 billion deal last week. The other nine stocks from the Adani Group stable were also up in the morning session, riding on the positive sentiments. In the Nifty pack, Adani Ports & Special Economic Zone was the top gainer, up 2.4% while Adani Enterprises was higher by 2%.
Others, including Adani Green, Adani Transmission, Adani Total Gas, Adani Wilmar, ACC, Ambuja Cements and New Delhi Television (NDTV) gained between 0.56%-3.25%. The price action in Adani Power was accompanied by high volumes as over 1 crore shares changed hands on the NSE around 9:40 am. The stock has gained over 15% in the last three trading sessions, including today.
The bulk deals data available with the exchanges showed GQG Partners Emerging Market Fund and Goldman Sachs GQG Partners International and a few other investors picked up the stake in Adani Power on Wednesday, August 16. Meanwhile, Worldwide Emerging Market Holding, part of the promoter group, offloaded a 1.2% stake. Another promoter entity Afro Asia Trade and Investments sold its entire stake in the deal.
The promoter group entities together sold about 8.1% stake in Adani Power, bulk deals data further showed. As of June 2023, Worldwide Emerging Market Holding held a 5% stake and Afro Asia Trade and Investments have a 6.88% stake in the company. After corporate governance allegations by US-based short seller Hindenburg, GQG Partners went against the market sentiments and invested heavily in Adani stocks.
Read more on economictimes.indiatimes.com
