Why Adani Power Shares Are Upbeat Today

Adani Power‘s share price bounced back in the green early on Thursday, halting the two-session losing streak.

What Happened: The shares of the Adani Group company are upbeat as investment firm GQG Partners picked up a massive stake in the company. As per exchange data, the Rajiv Jain-led firm purchased around 15.20 crore shares of the energy giant.

On Wednesday, GQG Partners Emerging Markets Funds bought 4.90 crore company shares at an average price of ₹279.15 through a bulk deal on BSE. Goldman Sachs GQG Partners International Opportunities Fund bought 10.30 crore shares of the company at an average price of ₹279.15. The total cost of the deal was around ₹4,244.75 crore.

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Two promoter entities of the company sold the shares. Worldwide Emerging Market Holding sold 4.65 crore shares at an average price ₹279.16 and Afro Asia Trade and Investments sold 26.5 crore shares at an average price of 279.18.

GQG Partners have been pumping money into the conglomerate after the Hindenburg report came out earlier this year. The firm just weeks back purchased a 3% stake in Adani Transmission for around ₹2,666 crore. In June, the firm invested around ₹8,200 crore in Adani Green and Adani Enterprises. In the past five months, the investment fund has invested over ₹29,000 crore in six Adani Group companies.

Price Action: Adani Power’s share price was up 2.18% to trade at ₹286 as the markets opened on Thursday.

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Posted In: EquitiesNewsAsset SalesMarketsAdani GroupAdani PowerGQG PartnersRajiv Jain