top of page

Adani Enterprises surges onGQG investment

Adani Enterprises, the flagship firm of the Adani Group, saw a surge in its shares on Monday, reaching its highest level in nearly a month after boutique fund GQG Partners Inc DRC invested around $1.7 billion in the Indian conglomerate.

The stock jumped by 11.2% to 2,090.95 rupees and was the best performer on the Nifty 50 benchmark index, alongside Adani Ports and Special Economic Zone Ltd, which also surged. Other stocks that have exposure to the conglomerate also advanced on Monday, including Axis Bank Ltd, Life Insurance Corporation Of India, and Ambuja Cements Ltd. GQG Partners purchased a stake on Friday, including 3.4% in Adani Enterprises, 4.1% in Adani Ports, 2.5% in Adani Transmission Ltd, and 3.5% in Adani Green Energy Ltd. The move helped ease investor concerns about Adani's stretched debt position and helped the companies under the conglomerate recover from a $200 billion stock rout triggered by a short-seller report from Hindenburg Research. The report had accused the Indian conglomerate of money laundering and stock market manipulation, with Adani denying the allegations. Despite the recent recovery, most shares under Adani are still trading below levels seen prior to the Hindenburg report, and the conglomerate had also canceled a $2.5 billion share issue in the aftermath of the report.


9Bullsfx, the region's best CFD broker. Stay updated on the latest market news, trading insights, and expert guidance by subscribing to our newsletter and following us on social media. Our team of experienced professionals is committed to providing you with the knowledge, resources, and support you need to succeed in the fast-paced world of trading. As a subscriber, you'll receive exclusive access to market analysis, trading strategies, and special offers. Don't miss out on this opportunity to take your trading to the next level. Sign up with 9Bullsfx today and start your journey towards financial success.




Commentaires


bottom of page