The Adani group companies‘ shares increased to 20% on Tuesday, and Rajiv Jain’s GQG Partners made a phenomenal profit of nearly Rs 3,000 crore in a single trading session. Six of the ten listed Adani group firms, including Adani Power Ltd, Adani Energy Solutions Ltd, Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Ports & SEZ, and Ambuja Cements, were owned by the Adani bull, according to information acquired from the corporate database AceEquity. GQG’s investments gained around Rs 31,000 crore in value, up from Rs 27,998.08 crore at Friday’s closing of business.
The shares of Adani Power Ltd. had a notable intraday surge on Tuesday, rising to Rs 451.50 on the BSE by 13.75%. As of September 30, GQG Partners EM Equity Fund held a 1.28% ownership position in this Adani group firm. And another 2.75% was owned by Goldman Sachs Trust II – Goldman Sachs GQG Partner in the Adani group utilities. Adani Energy Solutions Ltd.’s shares, meanwhile, surged 17.75% to Rs 860. As of September 30, this company was owned by Goldman Sachs Trust II – Goldman Sachs GQG Partners International Opportunities Fund to the tune of 2.49%.
The main business of the Adani group, Adani Enterprises, saw its shares exceed Rs 2,449.45, the 10% upper circuit limit. Two funds connected to GQG owned 2.74% of Adani Enterprises as of the end of September. Adani Green Energy’s shares soared by 13.50%, Adani Ports’ by 5.32%, and Ambuja Cements’ by 4.59% in the meantime. In these three Adani group enterprises, GQG possessed shares varying from 1.8% to 3.6%.
Following a $150 billion decline in Adani group shares due to the Hindenburg Research report, GQG Partners became the first investor in the Adani group. GQG Partners made a sizeable investment of Rs 15,446.35 crore in four of the group’s businesses on March 2. After then, GQG progressively raised its ownership positions in a number of Adani group companies over time.
All things considered, the Adani group’s market value exceeded Rs 11 lakh crore intraday, which is still roughly 40% less than the Rs 19.19 lakh crore figure on January 24, the day Hindenburg Research published its analysis. The Adani group was accused of accounting fraud and stock manipulation in the report. The Supreme Court (SC) subsequently ordered SEBI to look into these claims. The SC reserved its decision on Friday following the hearing of many appeals in the Adani-Hindenburg case.
A bench headed by Chief Justice of India DY Chandrachud indicated that the court cannot question the market watchdog’s investigation into the case based solely on a few media reports. However, the bench also stated that the market regulator SEBI must complete its probe in all 24 cases. In a previous status report on August 25, SEBI mentioned that it had already completed its investigation in 22 out of the 24 cases.