Adani shares: Rajiv Jain's GQG mints Rs 3,000 cr profit as SC reserves Hindenburg order

Adani Power shares climbed 13.75 per cent to Rs 451.50 on BSE. GQG Partners EM Equity Fund held 1.28 per cent stake in this Adani group firm as on September 30.

 As shares of Adani group firms rallied up to 20 per cent in Tuesday's trade, the Rajiv Jain-led GQG Partners made about Rs 3,000 crore in profits in a single session. Data compiled from corporate database AceEquity suggests the Adani bull held stakes in six out of 10 listed Adani group firms namely Adani Power Ltd, Adani Energy Solutions Ltd, Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Ports & SEZ and Ambuja Cements. The value of GQG's investments stood roughly at Rs 31,000 crore compared with Rs 27,998.08 crore as on Friday's closing levels.

On Tuesday, shares of Adani Power Ltd climbed 13.75 per cent intraday to Rs 451.50 on BSE. GQG Partners EM Equity Fund held 1.28 per cent stake in this Adani group firm as on September 30. Besides, Goldman Sachs Trust II- Goldman Sachs GQG Partner held another 2.75 per cent stake in the Adani group utility. Shares of Adani Energy Solutions Ltd soared 17.75 per cent to Rs 860. Goldman Sachs Trust II - Goldman Sachs GQG Partners International Opportunities Fund held 2.49 per cent stake in this company as on September 30.

Shares of the Adani group flagship Adani Enterprises were locked at 10 per cent upper circuit limit at Rs 2,449.45. Two GQG-related funds owned a combined 2.74 per cent stake in Adani Enterprises at September end.

Adani Green Energy shares climbed 13.50 per cent, Adani Ports advanced 5.32 per cent while Ambuja Cements added 4.59 per cent, respectively. GQG held 1.8-3.6 per cent stake in the three Adani group firms.

GQG Partners was the Adani group's first investor following the Hindenburg Research report that had triggered a $150 billion rout in the Adani group shares. On March 2, GQG Partners made Rs 15,446.35 crore investments in four of the group companies. GQG later increased stakes in multiple Adani group firms in a staggered manner.

In total, the market capitalisation of Adani group topped Rs 11 lakh crore intraday, still down about 40 per cent from Rs 19.19 lakh crore level on January 24, the day Hindenburg Reserach came out with its report claiming the Adani group indulged in stock manipulation and accounting fraud. Later, the Supreme Court (SC) asked Sebi to probe into the allegations. On Friday, the SC reserved its order in the Adani-Hindenburg case after hearing multiple pleas in the matter.

A bench led by DY Chandrachud, the Chief Justice of India, suggested that court cannot doubt market watchdog's probe into the case by relying merely on a few media reports but said the market regulator Sebi must complete the probe in all 24 cases. Earlier in its status report on August 25, Sebi suggested that it had completed its investigation in 22 out of the 24 cases.