Shares of Adani Enterprises and Adani Energy Solutions will be in focus heading into trade on Monday after GQG Partners trimmed its exposure through block deals worth nearly Rs 5,750 crore on Friday, with SBI Mutual Fund picking up the entire stake sold.
Data from NSE block deals showed that GQG Partners Emerging Markets Equity Fund offloaded shares in Adani Enterprises and Adani Energy Solutions.
The larger of the two transactions involved the sale of 1.64 crore shares of Adani Enterprises at Rs 2,913.4 per share, taking the deal value to about Rs 4,789 crore. Separately, GQG sold 63.66 lakh shares of Adani Energy Solutions at Rs 1,504.8 apiece, translating into a transaction worth around Rs 958 crore.
Combined, the two block deals were valued at roughly Rs 5,747 crore. SBI Mutual Fund bought the shares at the same prices in corresponding transactions.
The sale comes after a sharp recovery in Adani Group stocks over the past year. Several group companies have rebounded strongly since the turbulence triggered by allegations made in 2023 by US-based short seller Hindenburg Research.
GQG was among the first major institutional investors to increase its exposure to the Adani Group after that episode. Starting in 2023, the fund manager invested billions of dollars across multiple Adani companies, providing a significant vote of confidence at a time when foreign institutional investor participation in the group had come under pressure.
Since then, Adani Group companies have focused on reducing debt, improving cash generation, and strengthening operational performance. A number of group entities have delivered healthy earnings growth, while execution across businesses such as infrastructure, energy, and transport has remained robust.
Market participants are likely to view the latest transactions primarily as a portfolio rebalancing move rather than a shift in GQG's broader investment view on the Adani Group.
Adani Enterprises, the conglomerate's flagship incubator, has interests across airports, roads, green hydrogen, data centres, and mining services. Adani Energy Solutions is among India's largest private transmission companies and has been expanding its footprint in smart metering and power distribution infrastructure.
Adani Enterprises reported a consolidated net loss of Rs 220.7 crore for the March quarter, compared with a profit of Rs 3,844.9 crore in the same period last year. Despite the loss, the company's revenue rose 20.3% year-on-year to Rs 32,439.3 crore from Rs 26,965.9 crore a year ago.
Adani Energy Solutions, meanwhile, posted a 6% year-on-year increase in consolidated net profit at Rs 684 crore for the fourth quarter. Revenue from operations grew 17% to Rs 7,443 crore during the period.
