Adani stocks jump for 4th day in a row

The total market value of Adani’s 10 listed companies rose by ₹68,300 crore on Friday after gaining ₹1.04 lakh crore in the previous three trading sessions. Gautam Adani’s wealth, as shown in the Forbes Billionaires List, rose $5.4 billion on Friday to $43.3 billion, and his ranking jumped from 37 early this week to 26 on Friday.

Shares of Adani Enterprises gained nearly 17% to close at Rs 1,879.50, while Adani Ports & SEZ rose 10% to close at ₹684.65. Six other group companies – Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Wilmar, Adani Power and NDTV – were locked in their 5% upper circuit. Ambuja Cements and ACC surged 6% each.

As a result of the rally in Adani stocks on Friday, GQG Partners, managed by Rajiv Jain, made 3,131 crore or a 20% return on its investment in the conglomerate in a day. The Adani Group said on Thursday that GQG Partners had picked up equity stakes worth $1.87 billion or 15,446 crore in Adani Ports, Adani Green Energy, Adani Transmission, and Adani Enterprises via secondary share sales. GQG, listed in Australia, fell 3.03% on Friday to A$1.45 as the S&P ASX200 benchmark index gained 0.5%.

GQG Partners’ 5,460 crore investment in Adani Enterprises on Thursday was worth 7,274 crore, whereas its 5,282 crore investment in Adani Ports ended at 6,066 crore.

Adani Enterprises, which plunged 65% between January 24 and February 27, gained 57.48% in the last four trading sessions. Adani Ports, which fell 26% till Monday from January 24, recovered 22% since then.

Reuters reported on Friday that the Adani Group would hold fixed-income roadshows this month in London, Dubai, and several cities in the US. The Adani Group management, including group chief financial officer Jugeshinder Singh, will attend the roadshows, which will run between March 7 and March 15, Reuters said.The market value of Adani stocks is still down 10.67 lakh crore or 56% since the release of the Hindenburg Research report on January 25.

The Supreme Court on Thursday set up an expert committee to examine India’s investor protection framework in response to public interest litigation (PIL) following the crash in Adani Group stocks after US-based short-seller Hindenburg Research released the report alleging fraud and market manipulation. The Adani Group has rejected the report’s contentions.