Adani Group stocks gain as GQG Partners ups its wager; Adani Ports up 4.5%

Adani Group stocks rallied in trade on Thursday after GQG Partners hiked investment in the embattled power-to-port conglomerate, Adani Power. Shares of Adani Ports rose 4.5 per cent, Adani Power gained 2.6 per cent and flagship Adani Enterprises rose 1.5 per cent, despite weakness in the overall market. Of the 10 stocks listed, only three ended in red.

 

On Wednesday, the US-based investment firm, along with other investors, picked up 8.1 per cent stake in Adani Power for over Rs. 9,000 crore ($1.1 billion), in what is dubbed as the largest-ever single buyer-seller trade in the history of the domestic market.

 

The stake was purchased from Adani group promoter entities Worldwide Emerging Market Holding and Afro Asia Trade and Investments. The latest investment by GQG comes after Qatar Investment Authority picked up 2.7 per cent stake in the Adani Green Energy business earlier this month. Since March, GQG has invested around Rs. 34,000 crore ($4.2 billion) in the Adani Group. The funds raised by Adani promoters will help the group pare its debt and fund growth.