Adani Enterprises Shares Surge by Over 2% Following Promoter Group’s Increased Stake
By: Pragati Kakran
The shares of Adani Enterprises Ltd experienced a notable increase of over 2% on Tuesday, driven by the expansion of the stake held by the promoter group led by billionaire Gautam Adani. The company’s stock concluded the day at Rs 2,697.70, marking a 2.24% rise on the Bombay Stock Exchange (BSE). Throughout the trading day, the stock witnessed a peak gain of 3.10%, reaching Rs 2,720.65. Similarly, on the National Stock Exchange (NSE), the stock climbed by 2% to settle at Rs 2,694.90.
Trading activity indicated a substantial volume, with 2.56 lakh shares of the company being traded on the BSE and over 1 crore shares changing hands on the NSE.
Promoter Group Led by Gautam Adani Bolsters Stake in Adani Enterprises
In an effort to reinforce the flagship firm of the Adani Group, the promoter group led by Gautam Adani has augmented its stake. This strategic move comes as the diversified conglomerate, involved in sectors ranging from ports to energy, continues its recovery from the repercussions of a report presented by US-based short-seller Hindenburg Research.
Elevated Stake Attained by Promoter Group
According to a filing with the stock exchange, the promoter group has successfully raised its stake in Adani Enterprises Ltd from 67.65% to 69.87%. The group’s affiliated entity, Kempas Trade and Investment Ltd, which previously held a marginal stake, procured an additional 2.22% through open-market transactions carried out between August 7 and August 18. This stake augmentation coincides with the period during which the US boutique investment firm GQG Partners has also been acquiring shares in various Adani Group companies.
Adani Group Counters Hindenburg Report
The Hindenburg report, released on January 24, contained allegations of accounting irregularities, manipulation of stock prices, and improper utilization of tax shelters. Adani Group has vehemently refuted all claims made by Hindenburg and is formulating a strategic resurgence plan. This plan encompasses a restructuring of its objectives, abandonment of certain acquisitions, proactive debt repayment to address concerns regarding cash flow and borrowings, and a reduction in the pace of investment in new ventures.
