By Malvika Gurung
Investing.com -- Shares of India’s largest private port operator Adani Ports and Special Economic Zone (NS: APSE ) surged 3.27% in the morning session on Monday to Rs 863.2 apiece and were trading as the top gaining stock on the benchmark index Nifty during the session.
The mega-cap stock rose along with other Adani Group-listed stocks, including Adani Enterprises (NS: ADEL ), Adani Power (NS: ADAN ), Adani Transmission (NS: ADAI ), Adani Green Energy (NS: ADNA ), Adani Total Gas (NS: ADAG ) and Adani Wilmar (NS: ADAW ).
Adani Power’s stock jumped almost 7% in the intraday trade and extended its rally for the third day in a row. The power stock has spiked 16% in these three sessions.
The US-based boutique investment firm GQG Partners has raised its shareholding in Adani Ports by acquiring an additional 2.2 million equity shares of the company last week.
The investment firm stated on Saturday that it increased its aggregate shareholding in Adani Ports to 5.03% on August 17, 2023, from a 4.93% stake earlier.
The acquisition of the additional 2.25 million shares was conducted through the stock exchange settlement process by way of a bulk deal. Post-acquisition, GQG Partners holds a total of 108,725,691 shares of the Adani Group major.
The said investment has come after the US-based giant Deloitte quit as the auditor for Adani Ports, following the scathing report published by Hindenburg Research in January 2023.
GQG Partners picked an 8.1% stake in the utilities major Adani Power last week for $1.1 billion through a block deal, Reuters cited.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.