Adani GQG moves ahead in trust vote

Adani Enterprises and Adani Ports led the gains, rising 17% and 9.9% respectively, contributing to a 65% rise in investors’ wealth on Friday. The other two disinvested companies, Adani Green and Adani Transmission, remained locked in the upper 5% circuit. The increase in market capitalization is the highest absolute increase since August 1, when it reached 68,385 crores. SB Adani Family Trust sold between 2.5% and 4.1% of its stake in Adani Enterprises, Adani Ports, Adani Green Energy and Adani Transmission. 15,446 crore through a series of bulk deals on Thursday.

Adani Ports and Adani Total Gas, however, suffered a setback as rating agency ICRA Ltd downgraded their outlook from stable to negative, though their ratings remained unchanged. On the other hand, for Adani Total Gas, ICRA raised its rating amount 5,500 crores to 2,801 crores.

On Adani Ports, ICRA said, “Adani Ports’ track record of refinancing a substantial portion of its debt with strong financial resilience of the group and long-term borrowings (mostly from overseas debt capital markets) at low interest rates is a key credit forces, which have been adversely impacted. ICRA will monitor the group’s ability to raise funds in the form of equity/debt at competitive rates from the domestic/global market. UR Bhat, co-founder, Alphaniti Fintech. Bhat said, The buyout raises the prospect of investment by domestic institutions such as ACC, Ambuja Cements and Adani Ports. “Do due diligence before investing in the group as it is accountable to its clients with assets of $92 billion.”

GQG, which is listed in Australia, holds stake in Housing Development Finance Corp (1.42%), ITC (1.29%), HDFC AMC (2.28%) and Cipla (1.16%) at the end of December 2022.

In its global equity strategy, it outperformed the benchmark MSCI ACWI, the global index provider’s leading global equity index, delivering total returns of -4.65% (-18.36% for ASCI), 8.92% (4) over one, three and five years have performed. %) and 10.12% (5.23%) respectively.

Saurabh Mukherjee, founder, Marcellus Investment Managers, said, “He (Jain) is a cerebral investor, who is not afraid to take big risks.”

“We believe the long-term growth potential for these companies is substantial, and we are pleased to invest in companies that will help advance India’s economy and energy infrastructure, including their energy transformation, over the long term Jain said after concluding investments in four companies

Adani shares gained in tandem with Nifty and Sensex, rising over 1.5 per cent each to 17,594 and 59,809. This profit came from the purchase of shares of floating value by domestic institutional investors. 2,090 crores. Foreign portfolio investors were net buyers of modest 246 crores. Nifty’s gain was led by Adani Enterprises and Adani Ports.