Contra Bets? Desi investors raised bets on Adani stocks, while videshis dumped in Q1

economictimes.indiatimes.com:

Adani Group stocks seeing a strong rebound from the Hindenburg-led fallout, investors across the spectrum raised their bets on the group in the quarter gone by. However, compared to FPIs, mutual funds and retail investors increased their holdings in a majority of the companies, data analysed by ETMarkets showed. Mutual funds increased their stakes in seven out of 10 listed Adani Group companies in the quarter ended June, and retail investors in five, while FPIs reduced their ownership in six companies.

Mutual funds’ cumulative holdings increased by 31 basis points sequentially each in ACC and Adani Enterprises in the last quarter. They held a 1.18% stake in Adani Enterprises as of June end, compared to 0.87% a quarter ago. In ACC, MF holding went up to 9.21% in the June quarter, from 8.90% in the March quarter.

This is the second consecutive quarter when mutual funds have raised their stake in the cement maker. After owning nearly nothing in Adani Power until a few quarters ago, MFs now hold a 0.04% stake in the company. In Adani Green Energy, Adani Total Gas, and Adani Transmission, their stakes went up marginally to 0.11%, 0.13%, and 0.14%, respectively.Retail Money Chased Which Stocks?Retail investors increased their holdings significantly in Adani Total Gas, Adani Transmission, and New Delhi Television.

In Adani Total Gas, retail investors increased their stake by a sharp 206 basis points sequentially to 4.45% in the first quarter. This is despite the stock giving negative returns in the last quarter. In NDTV, retail investors’ holdings went up by a whopping 431 bps sequentially to 21.85%.