Adani Enterprises shares rise, 4 shares of the group hit upper circuit

Shares of Adani Ports and Special Economic Zone (APSEZ) also advanced over 3% while Ambuja Cements and ACC Ltd were trading with gains. Meanwhile, BSE Sensex and Nifty jumped around one per cent each in early deals. Adani Group Shares of the companies closed in positive territory on Wednesday, Thursday and Friday.

US-based, Australia-listed GQG has bought shares in four Adani group companies, including the group’s flagship firm Adani Enterprises, through block deals. The shares were sold by a trust of the Adani family using Jefferies as a broker.

“We believe these companies have substantial long-term growth potential,” said Rajeev Jain, president and chief investment officer at GQG.

The investment by US boutique investment firm GQG Partners Inc comes amid the Supreme Court telling the market regulator SEBI To investigate the group for any lapses relating to public shareholding norms or regulatory disclosures.

Shares of Adani Group hit the exchanges last month following allegations against US-based short seller Hindenburg Research, including fraudulent transactions and manipulation of share prices. The group has dismissed the allegations as false, adding that it complies with all laws and disclosure requirements. The group also called for 20,000 crore follow-on public offer last month despite being fully subscribed.

The Adani group management, including group chief financial officer Jugshinder Singh, held roadshows in Singapore and Hong Kong last month to reassure investors that the company’s finances were under control. These are to be extended to Dubai, London and the US from March 7 to March 15.