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Tag: Adani Enterprises

  • Adani Enterprises Rs 4,200 Crore QIP: Quant Mutual Fund Picks Nearly Half Of Shares | Economy News

    New Delhi: Adani Enterprises Ltd., the flagship company of the Adani Group, has successfully raised Rs 4,200 crore through its Qualified Institutional Placement (QIP), which concluded on Tuesday, October 15. About 47 per cent of the total shares issued through the QIP went to Quant Mutual Fund, specifically through its various schemes. Within this allocation, the largest portion (17.4 per cent) has been assigned to the Quant Smallcap Fund.

    The company allocated 1.41 crore equity shares, with a face value of Rs 1 each, to eligible institutional buyers.

    The issue price for the QIP was set at Rs 2,962 per share, reflecting a 5 per cent discount from the floor price of Rs 3,117.47 per share, according to the company’s exchange filing.

    The discount remained consistent when compared to Tuesday’s closing price of Rs 3,103 per share.

    Post-allotment, Adani Enterprises’ paid-up equity share capital increased from Rs 114 crore to Rs 115.42 crore, with the number of equity shares rising to 115 crore.

    Quant Mutual Fund has repeatedly taken bold bets on Adani Group stocks, including in 2022. 

    In 2022, Quant Mutual Fund’s investment schemes capitalized on the surge in Adani Group’s stock prices, making it the only fund house to take bold bets on the conglomerate.

    Meanwhile, until recently, SEBI was investigating Quant Mutual Fund for suspected front-running, insider trading, and misuse of power.

    On June 21, officials from the market regulator searched the fund house’s headquarters in Mumbai and related locations in Hyderabad.

    (DISCLAIMER: The story originally appeared in zeebiz.com)

  • MSCI Inclusion May See USD 250 mln Inflows In Adani Energy Solutions; Stock Gains 3.8 Per Cent | Economy News

    New Delhi: The shares of Adani Energy Solutions Ltd (AESL) at the last trading session on Wednesday jumped 3.8 per cent despite the flattish markets, as the street is expecting strong inflows by the end of August from the inclusion in the MSCI Index—inflows of USD 250 million according to brokerage houses.

    On Tuesday MSCI announced that it has lifted ‘Embargo’ on Adani Group stocks, which means the stock is eligible for inclusion in the MSCI India Index, after removing the group company last year in late January 2023, due to uncertainty over free-float.

    Lifting this restriction means that any recent changes in free float plus equity raises are eligible for inclusion. Furthermore, stocks that were excluded can be included again.

    Earlier in August, Adani group’s power transmission, distribution and smart metering company completed a USD 1 billion QIP, which has led to a significant increase in the company’s free float.

    Adani Enterprises, another group company has also proposed fundraising of nearly USD 2 billion. If it goes through, it could also see USD 110 million inflows, according to brokerage firms.

    However, Adani Total Gas, another group stock which was also removed from the MSCI Index last year is unlikely to be included in the near future as the stock is trading significantly below the previous year’s high.

  • Adani Enterprises Stock Recovers $30 Billion Following Hindenburg Report | Markets News

    New Delhi: Shares of Adani Enterprises Ltd, the flagship company of Indian billionaire Gautam Adani’s group have erased from the losses caused by a critical short-seller report in early 2023. This recovery came after the conglomerate reduced its debt and sacred major projects.

    The stock has recovered from losses of over 30 billion dollars that followed allegations of widespread corporate misconduct and share-price manipulation by US-based Hindenburg Research in January 2023. However, the Adani group has consistently denied these accusations. (Also Read: Wipro’s Ex-CEO Thierry Delaporte Becomes Highest Paid Indian IT CEO For FY24)

    “There are a handful of groups in India that can undertake big projects and Adani Group has taken the leadership position,” said Abhay Agarwal, a fund manager with Mumbai-based Piper Serica Advisors Pvt, as reported by Bloomberg. He further added, “Investors are looking at Adani group as a policy play and since there is a clear direction on the country’s policy, we are seeing recovery.” (Also Read: Sensex Hits New All-Time High; Nifty Breaches 23,000-Mark For First Time)

    Adani Enterprises stock rose 1.7 percent to 3,445.05 today, May 24. It has nearly tripled  since its drop in February 2023. The rise comes as analysts anticipate Adani Enterprises’ stock will be included in the benchmark S&P BSE sensex index in June, potentially attracting more investment.

    Further, other Adani companies are working with global investors to raise new debt as the group continues to expand its cement and copper businesses. At least five of the 10 listed Adani group stocks are now trading higher than they were before the Hindenburg report besides Adani Enterprises.

  • Congress, different opposition events search JPC or SC-monitored probe into Adani Team disaster 

    By way of PTI

    NEW DELHI: Upping the ante, the Congress and different opposition events on Thursday demanded a Joint Parliament Committee or a Preferrred Court docket-monitored probe into the Adani Team disaster.

    Chief of Opposition in Rajya Sabha, Mallikarjun Kharge stated the opposition events additionally demanded that there will have to be daily reporting of the Joint Parliament Committee (JPC) or the SC-monitored probe into the problem which considerations public cash.

    “Protecting public hobby in thoughts, we wish an intensive probe into the Adani factor both via a Joint Parliamentary Committee (JPC) or a Preferrred Court docket-monitored Committee. There will have to even be daily reporting of the investigation at the factor,” Kharge informed newshounds.

    Leaders of a number of opposition events previous met in Parliament and determined to boost the problem in each the Properties.

    NEW DELHI: Upping the ante, the Congress and different opposition events on Thursday demanded a Joint Parliament Committee or a Preferrred Court docket-monitored probe into the Adani Team disaster.

    Chief of Opposition in Rajya Sabha, Mallikarjun Kharge stated the opposition events additionally demanded that there will have to be daily reporting of the Joint Parliament Committee (JPC) or the SC-monitored probe into the problem which considerations public cash.

    “Protecting public hobby in thoughts, we wish an intensive probe into the Adani factor both via a Joint Parliamentary Committee (JPC) or a Preferrred Court docket-monitored Committee. There will have to even be daily reporting of the investigation at the factor,” Kharge informed newshounds.

    Leaders of a number of opposition events previous met in Parliament and determined to boost the problem in each the Properties.