Shares Of Adani Enterprises Jump Over 3 Per Cent

In terms of traded volume, 1.12 lakh shares of Adani Enterprises were traded on the BSE during the morning deals and 22.58 lakh shares on the NSE

The promoter group has increased stake in Adani Enterprises from 67.65 per cent to 69.87 per cent, according to a stock exchange filing.

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Adani Enterprises' shares jumped over 3 per cent on Tuesday after Gautam Adani-led promoter group increased its stake in the flagship company. The stock gained 3.10 per cent to Rs 2,720.65 on the BSE, while at the NSE, the shares gained 3 per cent to Rs 2,721.

In terms of traded volume, 1.12 lakh shares of the firm were traded on the BSE during the morning deals and 22.58 lakh shares on the NSE.

The promoter group, led by Gautam Adani, has raised its stake in the group's flagship firm as the ports-to-energy conglomerate continues to recover from the effects of a report by US short-seller Hindenburg Research. The promoter group has increased stake in Adani Enterprises from 67.65 per cent to 69.87 per cent, according to a stock exchange filing.

Promoter group firm Kempas Trade and Investment Ltd, which had a minimal stake in the firm, acquired 2.22 per cent in the open market between August 7 and August 18, it said. The stake increase comes at a time when US-based boutique investment firm GQG Partners has been buying shares in Adani Group firms. The Hindenburg report released on January 24 alleged accounting fraud, stock price manipulation and improper use of tax havens.

GQG has increased its stake in Adani Ports & Special Economic Zone (APSEZ) to 5.03 per cent last month by way of a bulk deal, stock exchange filings showed.

GQG now has a stake in five of the 10 Adani Group firms. On August 16, it bought a 7.73 per cent stake in Adani Power Ltd. Promoter group firms Worldwide Emerging Market Holding and Afro ASIA Trade And Investments sold an 8.09 per cent stake in Adani Power through block deals on August 16. Of this, GQG bought 7.73 per cent, filings showed.

Adani Group has denied all allegations by Hindenburg and is plotting a comeback strategy that includes recasting its ambitions, scrapping acquisitions, pre-paying debt to address concerns about its cash flows and borrowings, and scaling back its pace of spending on new projects.