After the massive Rs 15,000 crore transaction with GQG Partners, Adani stocks rises by 10%
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LIC's holdings in Adani stocks has increased to Rs 39,000 crore.
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Adani Group shares stayed in high demand on Dalal Street today, with Adani Enterprises leading the charge with a 10% increase following Gautam Adani's announcement of a Rs 15,446 crore deal with GQG Partners of the US.
At Rs 1,767.35, the 10% upper circuit limit on Adani Enterprises' stock was sealed in. The shares of six additional group businesses, including NDTV, Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Wilmar, and Adani Power, were restricted to trading in the top 5% of their respective circuit brackets. Adani Ports, the conglomerate's revenue cow, was trading 7% higher at Rs 669.
Adani Block Deal
Goldman Sachs purchased 8.2 million Adani Transmission shares at a cost of Rs. 668.4 per share, while SB Adani Family Trust sold 8.86 crore Adani Port shares at a cost of Rs. 596.2 per share and GS Trust II - GS GQG Partners Intl Opportunities Fund purchased 3.87 crore Adani Port shares at a cost of Rs. 596.2 per share.
"GQG is investing in Adani Portfolio companies which own and run the largest airport and port platform in India, largest private sector transmission and distribution platform in India and that will produce ~9 per cent of India's renewable energy capacity by 2030," Adani said in a media release.
Adani shares
Following the block trades, shares of Adani Group businesses increased, a development that some analysts interpreted as a shift in investor perception of the stocks of the ports-to-power conglomerate.
Adani Transmission, Adani Green Energy, Adani Wilmar, and Adani Power all saw gains of at least 5% in their respective stock prices.
In addition, on the NYSE, shares of NDTV, Ambuja Cements, and Adani Total Gas all saw gains of at least 4.96 percent.
Gautam Adani Net Worth:
Due to the impact of the Hindenburg report on the Adani Group, which was released on January 24, Gautam Adani's net worth declined by about $80 billion in a month. He also fell from fourth to first place out of the top-10, then top-20, and top Were also out of -30.
Gautam Adani is finally relaxed after more than a month of daily declines in the Billionaires List. Similar to Tuesday, Wednesday saw a significant increase in shares of Adani Group businesses, increasing their wealth.
Return To Wealth! The market valuation of LIC's holdings in Adani stocks has increased to Rs 39,000 crore.
In a previous disclosure to stock exchanges in January, LIC had stated that the market value for the same as of the close of market hours on January 27 was Rs 56,142 crore and the total purchase value of equity, purchased over the last many years, under all the Adani group companies, was Rs 30,127 crore. Adani Enterprises, Adani Ports, Adani Total Gas, Adani Transmission, Adani Green Energy, ACC, and Ambuja Cement are among the 10 companies in the Adani Group that the state-owned LIC holds stakes in. According to the shareholding trend for the December quarter, LIC has now invested a total of about Rs 39,000 crore in these stocks.
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