Adani Enterprises, Adani Ports shares rise up to 4% on stake hike by promoters

All ten Adani Group stocks opened higher on Monday, led by flagship Adani Enterprises and Adani Ports and Special Economic Zone (APSEZ) after the promoter entities increased their stake in these two companies. This is the second time in less than a month that the promoters have hiked stake in Adani Enterprises, an incubator focusing on establishing diverse new businesses.

Reacting to the news, Adani Enterprises shares gained as much as 2.76% to hit a high of ₹2,590 on the BSE in the first hour of trade so far.

In a similar trend, Adani Ports shares jumped 3.7% to touch a high of ₹857.55 after opening higher at ₹825.15 level on the BSE.

Meanwhile, other group companies were flashing in the green zone in the range of 0.5% to 2%. The total market capitalisation (m-cap) of ten listed entities crossed over ₹11 lakh crore mark.

As per the exchange data, the promoter groups have raised stake in Adani Enterprises by 2.06% to 71.93% from 69.87%. Last month, they had increased shareholding in the flagship company to 69.87% from 67.65% earlier. Kempas Trade and Investment Ltd and Infinite Trade and Investment Ltd bought shares in the company through open market transactions between August 14 and September 8. Both are promoter group firms.

Meanwhile, the promoter entity has also hiked shareholding in Adani Ports & SEZ by 2.17% to 65.23% from 63.06% earlier, the exchange data showed. In the case of Adani Ports, nearly 1% shares were purchased by Resurgent Trade and Investment Ltd, while 1.2% by Emerging Market Investment DMCC.

In a separate development, Adani Enterprises informed exchanges that its subsidiary, Adani Global Pte. Ltd., Singapore, has signed joint venture agreement with Singapore-based Kowa Holdings Asia for the sales and marketing of green ammonia, green hydrogen and its derivatives produced and supplied by Adani Group, in the agreed territory. Both the companies will own an equal portion of the joint venture company, i.e. 50% stake each.

This development came less than a month after the U.S.-based investment fund GQG Partners picked up 8.1% stake in the power arm of billionaire Gautam Adani-led Adani Group. In the largest ever single equity deal in the Indian stock market, Rajiv Jain-led investment firm purchased 31.2 crore equity shares of Adani Power for more than ₹9,000 crore ($1.1 billion) in a series of block deals in August.

Earlier in June, GQG Partners raised its shareholding in two Adani group companies by acquiring 1.6% in Adani Enterprises and 2.2% in the renewable energy firm Adani Green Energy. 

In March this year, the U.S.-based investment firm acquired minority stakes in four of the listed Adani Group companies for ₹15,446 crore. Listed on the Australian Stock Exchange, GQG Partners picked up stakes in Adani Enterprises, APSEZ, Adani Green Energy, and Adani Transmission.

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