Most Adani Group Stocks Settle In Positive Territory

The majority of the Adani Group stocks ended in the positive territory on Wednesday, with Adani Enterprises climbing over 5 per cent, after US-based boutique investment firm GQG Partners and other investors bought close to USD 1 billion of additional stakes in group companies.

GQG Partners has been ramping up its investment in the conglomerate ever since a report by US-based short-seller Hindenburg Research triggered a stock market rout that had erased about USD 150 billion in its market value at its lowest point.

Shares of flagship firm Adani Enterprises jumped 5.34 per cent on the BSE.

The stock of Adani Transmission rallied 5.93 per cent, Adani Ports climbed 5.12 per cent, Adani Total Gas (2.26 per cent), Adani Wilmar (1.83 per cent), ACC (1.31 per cent), Adani Power (0.59 per cent) and Ambuja Cements (0.07 per cent).

However, Adani Green Energy shares declined 0.16 per cent and that of NDTV fell by 0.32 per cent.

The investors bought 18 million shares, or 1.6 per cent, from the Adani family in group's flagship Adani Enterprises Ltd in a single block trade. In renewable energy firm Adani Green Energy, a total of 35.2 million shares, or 2.2 per cent, changed hands, sources aware of the matter said.

Stock market data showed large block trades in both companies in early Wednesday trading.

Sources said the block trade in Adani Enterprises was transacted at Rs 2,300, a premium to its closing price of Rs 2,281.75 on the BSE on Tuesday. For Adani Green, the trades were priced at Rs 920 to Rs 924.75, a discount to Tuesday's closing price of Rs 959.90.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)