Adani Group Stocks surge following Billionaire Gautam Adani’s Rs 15,446 crore deal with US-based GQG partners
Adani Enterprises led the surge in Adani Group stocks on Dalal Street, rallying up to 10% after billionaire Gautam Adani announced a major deal with US-based GQG Partners worth Rs 15,446 crore. The cash cow of the conglomerate, Adani Ports, also traded 7% higher at Rs 669.
This marks the fourth consecutive day of rally in Adani stocks, with the total market value of Adani companies rising by Rs 30,000 crore on Thursday, after gaining Rs 74,000 crore in the previous two trading days.
As part of the deal, Adani Group’s promoter entity, SB Adani Family Trust, sold stakes in Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Enterprises in a series of secondary block trade transactions. GQG purchased shares in Adani Enterprises worth Rs 5,460 crore, while Adani Green Energy and Adani Transmission saw deals worth about Rs 2,806 crore and Rs 1,898 crore, respectively.
“We value GQG’s role as a strategic investor in our infrastructure and utility portfolio of sustainable energy, logistics and energy transition. This transaction marks the continued confidence of global investors in the governance, management practices and the growth of Adani’s portfolio of companies,” said Adani Group CFO Jugeshinder Singh.
Despite the recent rally, Adani stocks have still lost Rs 10 lakh crore or 57% of their market value since the release of the Hindenburg report in late January. The report not only affected Adani stocks but also had a contagion impact on stocks of banks and even state-owned LIC.
In response to the loss of investor wealth following the rout in Adani stocks, the Supreme Court has formed a committee to investigate the issue, asking Sebi to conclude its ongoing investigation within the next two months. The apex court also wants a six-membered expert committee, which includes KV Kamath and Nandan Nilekani from India Inc, to investigate whether there has been a regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani Group or other companies.
About Adani Group:
Adani Group is an Indian multinational conglomerate, headquartered in Ahmedabad. It was founded by Gautam Adani in 1988 as a commodity trading business, with the flagship company Adani Enterprises.
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