GQG Partners doubles down bet on Adani Enterprises; stock price zooms 35% in 3 months

Foreign institutional investors increased their bet on Adani Group’s flagship company Adani Enterprises for the second straight quarter in April-June, even though Hindenburg-report-led concerns did not settle completely.

The cumulative holdings of FIIs in the company increased to 19.34% as of June-end, from 17.75% a quarter ago.

In two quarters, their ownership has gone up by a whopping 395 basis points, thanks to further investments made by GQG Partners in the last quarter.


Towards the fag end of June, GQG Partners and a few other foreign investors pumped in another $1 billion into two Adani Group stocks – Adani Enterprises and Adani Green Energy. Part of this investment was done by purchasing shares from promoters.

GQG Partners made a third round of investment in the Adani Group. In March, they made their first contra bet on Adani stocks, which were facing bear rage amid the allegations made by Hindenburg. GQG invested more than Rs 15,000 crore and picked up stake in four Adani companies, including Adani Enterprises.

As of June end, GQG Partners held a 2.67% stake in Adani Enterprises, compared to 1.43% a quarter ago.

GQG Partners Emerging Markets Equity Fund held a 1.06% stake in Adani Enterprises, and Goldman Sachs Trust II - Goldman Sachs GQG Partners International Opportunities Fund held 1.61% as of June end.

The number of FII/FPI investors in Adani Enterprises increased to 483 in the June quarter, from 464 a quarter ago, Trendlyne data showed.

Not only FIIs, but mutual funds too have increased their holdings in the Adani group company.

Mutual funds’ cumulative holding in Adani Enterprises increased to 1.18% as of June end, from 0.87% a quarter ago.

The number of mutual fund schemes holding the stock has also gone up to 28 from 27.

Institutional investors have cumulatively increased their holdings in the company to 24.80% in the June quarter from 22.90%.

In trade on Tuesday, shares of Adani Enterprises were trading 0.6% up at Rs 2,422.75 on the National Stock Exchange. The stock has gained a whopping 36% in the June quarter.

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