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Adani Group Stock: The promoter group had increased its stake in Adani Enterprises, the flagship company of the Adani Group, in August. Between August 7 and 18, Campus Trade and Investment bought 2.53 crore shares or 2.22% in Adani Enterprises. This has taken the promoters’ total holding in the company to 69.87%. The promoters’ holding in Adani Enterprises stood at 67.65% at the end of the June quarter. Currently, the remaining 31% is held by public shareholders, of which US-based investor GQG holds 2.67%. LIC, one of India’s largest domestic institutional investors, also holds a 4.26% stake in the company.
GQG partners showed confidence
GQG Partners invested heavily in Adani shares following corporate governance allegations by American research firm Hindenburg. In March he paid Rs. Invested over 15,000 crores and bought stake in four Adani companies including Adani Enterprises. The boutique investment firm has since maintained its faith in the group and increased its stake in Adani group companies. In June, GQG bought an additional $1 billion (Rs 8,265 crore) stake in group flagships Adani Enterprises and Adani Green Energy.
June quarter results
Adani Enterprises reported a 44% rise in profit in the June quarter. In the quarter ended June, the company’s consolidated profit rose to Rs. 674 crore ($81.5 million), up from Rs. 469 crores.