The holding of GQG Partners in Adani Enterprises rose 21 bps to 2.95% while in Adani Ports it went up 23 bps to 3.76%. In Adani Green Energy, GQG’s ownership shot up 13 bps to 3.68%.
Team Jain also bought more of Adani Energy Solutions, Adani Power and Ambuja Cements during the quarter.
The total value of GQG’s holding in all the six Adani stocks rose to Rs 38,154 crore (as on January 12) from Rs 25,024 crore at the end of the September quarter. The increase in market value is attributed to both increase in share prices as well as adding of more stake.
The emerging markets investor had taken a bold contra call in Adani stocks in the peak of the aftermath of the Hindenburg controversy in March 2023. After beginning with a Rs 15,446 crore investment in four Adani Group firms initially in March, he later on picked stakes in two other Adani stocks as well.
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Jain had even gone to the extent that the Adani stocks he bought could be multibaggers in the next 5 years. “There is a lot less political risk in the Adani story than perceived. A lot of competition they have is with less dynamic public sector companies which reduces political risk in our opinion,” Jain had said earlier in an interview.
On the other hand, India’s largest domestic institutional investor LIC booked partial profits in Adani Energy Solutions, Adani Enterprises and Adani Ports during the December quarter.
While investors have treated the Supreme Court’s decision to not hand over the Adani vs Hindenburg probe to any agency other than Sebi as a clean chit to the conglomerate, the issue is not yet closed.
The markets regulator has completed 22 out of the 24 investigations into the allegations levelled against the Adani group and now the apex court has asked Sebi to complete the two pending investigations expeditiously preferably within the next 3 months.
GQG Portfolio
During the quarter, GQG was also seen increasing its stake in ITC from 1.58% to 2.79%. It also raised holding in Patanjali Foods from 3.25% to 3.3%.
Other stocks in the India portfolio include IDFC First Bank, JSW Energy and Max Healthcare Institute.
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(Data: Ritesh Presswala)
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