Adani bull GQG spends another billion dollars on 6 stocks

During the March quarter, GQG also bought more of , Adani Green Energy, and .

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Not just GQG's, the total ownership of FIIs also rose in 6 out of 10 in the March quarter. During the quarter, FII ownership went up by 26 bps to 14.98% in Adani Ports. Adani Green Energy and Adani Wilmar also saw a rise of 12 bps each in FII holding. Other stocks in which foreign ownership rose quarter-on-quarter are Adani Power, Adani Total Gas and , shows data pulled from ACE Equity.

Mutual funds were seen raising bets on , Adani Enterprises, Adani Green Energy and Adani Power. Retail investors, on the other hand, seemed to have booked profits in all stocks of the conglomerate barring Adani Energy.

In the meantime, the value of LIC's holding has increased by 59% or Rs 22,378 crore in FY24 despite trimming holdings during the year. In value terms, Adani Ports and Adani Enterprises are among the biggest bets for within the conglomerate.

Earlier in the year, US brokerage firm Cantor Fitzgerald had initiated coverage with an overweight rating on Adani Enterprises and argued that the group had become too big to ignore.

Despite being the 10th largest non-financial stock in India, Adani Enterprises virtually has no analyst coverage.

"To that extent, we believe much of what the investor community knows about Adani has come from a short report published in early-2023. While that report brought to light serious concerns, we believe the company has taken actions to reduce liquidity risk (from share-backed loans), improve governance, and increase transparency. Thus, at this juncture, we believe Adani is too big to ignore, and for India, we believe the country needs Adani as much as Adani needs the country," Cantor analysts Brett Knoblauch and Thomas Shinske had said.

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