Adani Ports Surges Over 3%, Shines on Nifty Pack; Adani Power Jumps 7%

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.