Adani Power Shares Climb Over 2%; Majority Of Group Firms Settle In Green

Image Courtesy: Reuters

New Delhi: Shares of Adani Power climbed over 2 percent on Thursday after US-based boutique investment firm GQG Partners along with other investors bought an 8.1 percent stake in the company for over Rs 9,000 crore (USD 1.1 billion). The stock gained 2.58 percent to settle at Rs 286.50 on the BSE. During the day, it climbed 3.27 percent to Rs 288.45.

At the NSE, it climbed 2 percent to end at Rs 285.55 apiece. The majority of the group companies also ended in the green. Adani Ports jumped 4.47 percent, Ambuja Cements climbed 1.91 percent, Adani Enterprises gained 1.45 percent, NDTV (1.26 percent), ACC (0.64 percent), and Adani Transmission (0.42 percent). ()

GQG Partners along with other investors on Wednesday bought an 8.1 percent stake in Adani Power Ltd for over Rs 9,000 crore, as the marquee investor shrugged off the damning report of a US-based short-seller, to invest in billionaire Gautam Adani's group. ()

GQG Partners and other investors bought 31.2 crore shares of Adani Power in a block deal -- one of the largest ever secondary market equity transactions -- stock market data showed.

Adani Power is the fourth firm of the ports-to-energy conglomerate where GQG has invested since May. Promoter Adani family, which held 74.97 percent of the firm, sold 31.2 crore or an 8.1 percent stake at an average price of Rs 279.17 per share.

The US-based investment firm, which started investing in the Adani Group in early March when the group was reeling under damaging allegations made by short-seller Hindenburg Research, has been increasing its stake in group companies.