MFs seen nibbling at Adani stocks after sentiment gets lift from GQG buying
₹167 crore in June. This was up from 14 lakh shares in May worth ₹136 crore. Similarly they bought 15 lakh shares in Adani Transmission, up from 13 lakh in May , at ₹118 crore . The inflows in AEL were to the tune of 133 lakh shares valued at ₹3169 crore in June .
The corresponding figures in May were 114 lakh shares worth ₹2835 crore . Out of the 44 off MFs , few , if any, bought shares apart from Adani Ports, Ambuja Cements and ACC , which can be measured against industry benchmarks . Valuations of other group companies , particularly in new age businesses , could not be benchmarked and so investors stayed away , according to UR Bhat , Co-founder of Alphaniti. The fact of GQG Partners upping stake in companies like Adani Green and Adani Transmission, given the potentially accretive nature of their businesses has improved the sentiment of group companies rocked by allegations of corporate malfeasance by US short seller Hindenburg Research in late January .
The group has rubbished the allegations as being maliciously mischievous . Rajiv Jain founded GQG began buying AEL , Adani Ports , Adani Green and Adani Transmission on March 3 and hiked stakes in them subsequently through market purchases . The stocks recovered from their lows consequently . AEL trades at ₹2423 up from a 52 week low of ₹1017.45.
Adani Green traded Tuesday at ₹965 , up from a low of ₹439 post the Hindenburg report . Adani Transmission traded at ₹754 Tuesday against a low of ₹631.5.Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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