How will Adani's vehicle run? Indian investors are losing faith in the company! - Newztezz Online

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Friday, April 21, 2023

How will Adani's vehicle run? Indian investors are losing faith in the company!

After the release of the Hindenburg Research report on January 24, Adani Group has lost $ 153 billion from its market value. After the shares of many companies were not even half. On February 27, Adani Group's shares had reached a 52-week low.

Even though the worst phase of Gautam Adani and his Adani Group has passed, the difficulties still remain. The reason for this is the indifference of Indian money managers. Which is continuously reducing its shareholding from the group. In fact, their concern is still strong regarding governance. Investments by local equity mutual funds in the group accounted for just 0.9 per cent of the industry's $182 billion in assets at the end of March, down from about 2 per cent as of December 31, according to a Bloomberg report.

The indifference of local investors continues

While constant caution is being exercised by local managers, on the other hand, GQG Partners star investor Rajeev Jain, showing confidence in Adani Group, invested Rs 15,000 crore in 4 companies of Adani Group in the beginning of March. After which there was an increase in the shares of the group and an increase of $ 30 billion has been seen in the market cap of Adani Group. The overall exposure of Indian funds has come down. Mirae Asset Investment Managers Pvt and HSBC Asset Management India Pvt were buyers in March. And according to data from Nuwama Wealth Management Ltd, the total value of shares bought by him in the two group companies was less than Rs 700,000.

Heavy damage was done

After the release of the Hindenburg Research report on January 24, Adani Group has lost $ 153 billion from its market value. After the shares of many companies were not even half. On February 27, Adani Group's shares had reached a 52-week low. After that GQG Partners announced an investment of Rs 15,000 crore. After that, there is an atmosphere of boom in the shares of the group. Shares of Adani Group have seen a rise of more than 30 per cent since then and shares of some companies have doubled since February 27. By the way, the founders of the group have tried to repay the debt by redeeming their pledged shares, which is around $ 3 billion in the last quarter.

Doing business at case level

1. Shares of Adani Enterprises closed at Rs 1842.85, down Rs 10.40.

2. Shares of Adani Port & SEZ closed at Rs 666.25, up Rs 7.80.

3. The shares of Adani Power have gained 5 percent today and the stock closed at Rs 196.25.

4. Shares of Adani Transmission declined by Rs 5.65 on Thursday and closed at Rs 1011.90.

5. Shares of Adani Green closed flat at Rs 933.30, down by Rs 2.45.

6. Shares of Adani Total Gas closed flat at Rs 928.10, down marginally by Rs 2.45.

7. Shares of Adani Wilmar gained Rs 3.15 and closed at Rs 411.45.

8. Today, the share of cement company ACC saw a fall of about Rs 10 and closed at Rs 1738.

9. Ambuja Cement shares closed flat with Rs 380.75.

10. NDTV's stock also closed flat at Rs 183.80.

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