Rajiv-Jain led GQG partners had bet big on Adani stocks amid the rout in market after Hindenburg Research released a report on the group. It seems to have paid off.
According to a Livemint report, the firm had invested Rs 15,446 crore which has risen by 65 per cent to Rs 25, 515 crore due to a rally in Adani Group stocks.
Adani firms have seen a rise in stock value after the Supreme Court panel report on the Adani-Hindenburg issue came out.
The US-based GQG partners had invested in four Adani Group companies in March 2023 when the group was facing scrutiny over several allegations that Hindenburg’s report made.
The firm had invested Rs 5,460 crore in Adani Enterprises, Rs 5,282 crore in Adani Ports & SEZ, Rs 1,898 crore in Adani Transmission and Rs 2,806 crore in Adani Green Energy.
At present, the value of GQG Partners' investment value stands at Rs 10,589 crore in Adani Enterprises, Rs 6,964 crore in Adani Ports, Rs 2,461 crore in Adani Transmission and Rs 5,501 crore in Adani Green Energy.
According to a Bloomberg report, GQG Partners has now decided to increase its bet on the group by 10 per cent. Rajiv Jain, Chief Investment Officer at GQG, was quoted as saying by Bloomberg, “Within five years, we would like to be one of the largest investors in Adani Group depending on the valuation, after the family.”
GQG holdings in the Adani Group has risen to around Rs 29,000 crore.
The stocks of Adani Group firms have made a comeback after losing of over half their value during the storm over Hindenburg report. Investigation in the case is still pending with SEBI report on the issue yet to come out. The markets regulator is expected to submit its final report on the row in the Supreme Court by August 14.