Adani Power, Adani Green Energy, Adani Ports and Special Economic Zone (APSEZ), among other Adani Group stocks traded mixed on Wednesday after Rajiv Jain-led GQG Partners increased its stake in the five Adani Group companies via block deal.
GQG Partners has increased its stake in Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), Adani Power, Adani Green Energy and Adani Energy Solutions, NSE block deal data on November 18 showed.
Adani Group Stocks Block Deal
GQG Partners bought 53.42 lakh shares of Adani Enterprises at ₹2,462 apiece in three block deals. The total transaction value was ₹1,315.20 crore. On the contrary, Reliance Institutional Retirement Trust Series Eleven sold an equal number of Adani Enterprises shares.
The Rajiv Jain-backed investment firm bought 73.17 lakh equity shares of Adani Ports & SEZ in two tranches at ₹1,507.6 per share. The total deal size was at 1,103.14 crore. The seller was Reliance Trust.
GQG Partners acquired 77.39 lakh shares of Adani Green Energy at ₹1,088.6 apiece for a total of ₹842.53 crore. It also purchased 83.61 lakh Adani Power shares at ₹153.28 apiece for ₹1,281.57 crore, block deal data on NSE showed.
Additionally, around 53.94 lakh shares of Adani Energy Solutions worth ₹551.08 crore were also purchased in two transactions at ₹1,021.55 per share.
At the end of the September quarter, GQG Partners held 2.46% stake in Adani Green Energy, 2.42% stake in Adani Ports, 1.86% stake in Adani Energy Solutions, 1.75% shareholding in Adani Enterprises, and 1.54% stake in Adani Power.
GQG Partners had earlier invested in Adani Group stocks after the release of the Hindenburg report in January 2023. The allegations in the report had led to a sharp crash in the shares of billionaire Gautam Adani-led companies, wiping out Adani Group’s total market capitalization by nearly $150 billion.
IDBI Capital on Adani Energy Solutions
IDBI Capital has initiated its coverage on Adani Energy Solutions shares with a ‘Buy’ rating and a target price of ₹1,195 per share.
The brokerage firm believes Adani Energy Solutions is well-poised in the smart-metering business and chasing growth via the energy solutions business.
With a strong order book in smart meters’ division and work-in-hand in the transmission divisions, IDBI Capital projects an EBITDA CAGR of 33% over FY23-27E. It believes the Adani group company has a strong EBITDA visibility for the future.
“We are bullish on Adani Energy Solutions’ strong execution and industry tailwinds. This is expected to translate into robust cash flows in the future. Adani Energy Solutions maintains credit rating of BBB- and has strong capital management in place,” IDBI Capital said.
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