Adani group stocks rise after GQG buys additional stake

A majority of Adani Group stocks traded higher on Wednesday's trade after it was reported that US-based investment firm GQG Partners made a third round of investment in the ports-to-energy conglomerate.

The Group's flagship firm, Adani Enterprises, rose sharply today after the development. The stock was last seen trading 4.65 per cent higher at Rs 2,387.95. Adani Ports and Adani Transmission rose more than 3 per cent, respectively. Also, Adani Total Gas, Adani Wilmar and Adani Power rose a per cent, each. In contrast, Adani Green Energy was last seen trading 1.50 per cent lower.

GQG buys $1 bn stake in Adani firms g
US-based boutique investment firm GQG Partners and other investors have bought close to USD 1 billion worth of stocks in Adani group's two firms from the founding family in large block trades.

The group's flagship Adani Enterprises saw 18 million shares, or 1.6 per cent, traded in a single block while the renewable energy firm Adani Green Energy saw a total 35.2 million shares, or 2.2 per cent, change hands, sources aware of the matter said.

GQG, which had in March bought shares in four Adani group companies worth USD 1.87 billion and in May increased the stake by USD 400-500 million, is said to be one of the investors buying shares in block deal on Wednesday.