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Rajiv Jain-led GQG Partners saw a surge in profits, amounting to approximately Rs 3,000 crore, as Adani group firm shares soared during a single trading session. The gains came as the Supreme Court reserved its order related to the Hindenburg Research case.
Data from AceEquity showcased GQG Partners' stake in six out of the ten listed Adani group companies, including Adani Power Ltd, Adani Energy Solutions Ltd, Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Ports & SEZ, and Ambuja Cements. Their investments totaled roughly Rs 31,000 crore, up from Rs 27,998.08 crore at the previous closing levels.
Source: 5 Paisa
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Adani Power Ltd witnessed a 13.75% surge to Rs 451.50 on the Bombay Stock Exchange, with GQG Partners EM Equity Fund holding a 1.28% stake in the company as of September 30. Similarly, Adani Energy Solutions Ltd saw a 17.75% rise to Rs 860, where Goldman Sachs Trust II held a 2.49% stake.
The Adani group's flagship company, Adani Enterprises, hit the upper circuit limit with a 10% increase to Rs 2,449.45. GQG-related funds collectively owned a 2.74% stake in the firm by the end of September.
Adani Green Energy, Adani Ports, and Ambuja Cements also experienced notable increases in their share values, with GQG holding stakes ranging from 1.8% to 3.6% in these companies.
Source: GoodReturns
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GQG Partners became the initial investor in the Adani group following the Hindenburg Research report, which led to a substantial drop in Adani shares. Despite the surge, the Adani group's market capitalization, while briefly reaching Rs 11 lakh crore, remains nearly 40% lower than the levels observed on January 24.
The Supreme Court's recent developments involved reserving its order in the Adani-Hindenburg case, emphasizing the need for thorough investigations by the market regulator, Sebi, into all 24 cases related to the allegations of stock manipulation and accounting fraud against the Adani group. Sebi had previously indicated the completion of investigations in 22 out of the 24 cases in its status report from August 25.
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