GQG Partners has come like an angel for the Adani Group. Whenever it seems that Adani Group is drowning, only then it rescues the company by holding its hand. Adani Group was relieved after the Supreme Panel’s filing came to the fore on Friday and the company’s stock rose marginally, but on Monday the company’s shares gained momentum and saw a rise of 4 per cent to 20 per cent. The news came on Tuesday that GQG has increased its investment by 10 per cent. After that today again the shares of the company saw an increase of up to 15 per cent. Because of which Gautam Adani’s wealth increased by Rs 70 thousand crore in one day.
Among the 25 richest in the world
According to Forbes, Gautam Adani’s net worth reached $55 billion on Tuesday. Adani is now at the 24th position in the list of the world’s richest people. In September last year, Adani had briefly become the second richest man in the world, overtaking Amazon’s Jeff Bezos. Last week, a Supreme Court panel report said no regulatory fraud was found in connection with price manipulation of Adani Group shares, as alleged by Hindenburg in late January.
Due to these reasons, the speed is being seen
The American short-seller had expressed concern over the group’s high debt and high valuation. It was called the biggest scam in corporate history. The Supreme Court has given SEBI two more months to investigate the matter, but the initial findings that have come out in the report have brought much relief to the stock market investors. Because of which there has been a jump in the shares. The second booster shot for Adani’s shares came from his recent investor GQG Partners. NRI investor Rajeev Jain’s investment firm has increased its stake in Adani Group by about 10 per cent. In the beginning of March, Rajiv Jain had invested Rs 15,000 crore in four companies of the group.
How much did Adani shares rise?
On Tuesday, the stock of Adani Enterprises saw the biggest gain and rose by more than 13 percent to reach Rs 2,633.70. In fact, after the Hindenburg report hit a 52-week low, the company’s shares have seen a 159 per cent rise. The effect of Hindenburg from Adani Port of Adani Group has come to an end and the shares of the company have reached the level before the report came. During the trading session, the company’s stock reached the day’s high of Rs 785.95. On the other hand, Adani Ports, Adani Transmission, Adani Wilmar, Ambuja Cements and Adani Green Energy have recovered 38-125 per cent from their 52-week low.