Domestic invetors raise stakes in 5 Adani group companies in Q3

 New Delhi:  Domestic investors seem to be bullish on Gautam Adani-led Adani Group as they raised their stakes in five group companies, including Adani Green and Adani Total Gas, in the December quarter.

Other group firms where stakes have been raised are Adani Wilmar and cement firms Ambuja and ACC during the quarter, as per an analysis of shareholding data with the BSE.

This suggests positive sentiment and confidence among domestic investors in the group.

Notably, mutual funds have marginally increased or maintained their shareholding across all entities, barring Adani Ports & Special Economic Zone Ltd, and Adani Energy Solutions Ltd in the quarter under review.

Moreover, the total shareholder base of the group rose 5 per cent to 68.82 lakh, with substantial increase seen in Adani Total Gas and  Adani Energy Solutions.

Meanwhile, Foreign Portfolio Investors (FPIs) have shown mixed trends when it comes to holding stake in the group.

Going by the shareholding data, Domestic Institutional Investors (DIIs) hiked their stakes in Adani Green to 1.67 per cent in the third quarter of the ongoing fiscal from 1.36 per cent in the preceding quarter. Further, they raised ownership in Adani Total Gas to 6.26 per cent from 6.02 per cent in the September quarter, the data showed.

Also, their stake in Adani Wilmar rose to 0.41 per cent from 0.01 per cent in the preceding quarter, in Ambuja to 9.19 per cent from 9.07 per cent, and in ACC to 10.72 per cent from 10.27 per cent.

On the other hand, DIIs reduced their ownership in Adani Enterprises Ltd to 3.95 per cent during the period under review from 4.26 per cent in the September quarter. The stake in Adani Ports has been trimmed to 8.37 per cent from 9.72 per cent.

Further, the shareholding of DIIs remained unchanged in Adani Power and Adani Energy Solutions during the quarter. DIIs do not hold any stake in NDTV.

In December alone, 10 Adani Group companies added close to Rs 3 lakh crore in market capitalisation with the group mcap reaching Rs 14.2 lakh crore at December-end.

Moreover, the mcap crossed Rs 15 lakh crore mark on January 3 this year, following the clean chit given by the Supreme Court.

The top court delivered its verdict on a batch of petitions on the Adani-Hindenburg row over allegations of stock price manipulation by the Indian corporate giant.

The Supreme Court ruled that allegations against the conglomerate do not need more probes, either by a special investigation team or the CBI, and gave capital market regulator Sebi three more months to conclude its investigation.

The Adani Group stocks had suffered a bloodbath on the bourses after Hindenburg Research made a litany of allegations in January 2023, including those about fraudulent transactions and share-price manipulation, against the business conglomerate. The group dismissed all the charges.

Last week, the Adani Group announced a Rs 2 lakh crore investment in Gujarat over the next five years, largely in setting up the world's largest clean energy project that will be visible even from space.

The apples-to-airport conglomerate is building three gigafactories for manufacturing solar modules, wind turbines, and hydrogen electrolysers.