Shares of Adani Group’s listed companies surged after its promoters sold stakes worth Rs 15,446 crore to a US-based global equity-investment company, GQG Partners, in a block deal. Adani stocks has yielded him a smart return of 20% or over Rs 3,100 crore in a span of just two days.
The market value of Jain’s investment in 4 Adani stocks Adani Enterprises, Adani Ports and Special Economic Zone, Adani Green Energy, and Adani Transmission has gone up to Rs 18,548 crore. This translates into a notional profit of Rs 3,102 crore.
Jain bought shares of Adani Enterprises at a price of Rs 1,410.86 on Thursday in the block deal. Since then, the stock price has gone up 33%, giving him a profit of Rs 1,813 crore on the Nifty stock. Similarly, Adani Ports was bought at a price of Rs 596.2, Adani Green Energy at Rs 504.6 and Adani Transmission at Rs 668.4, ET reported.
Rajiv Jain, Chairman and Chief Investment Officer of GQG Partners, believes the Indian conglomerate is not only a safe bet but also fantastic and irreplaceable.
About 25 per cent of India’s air traffic passes through their airports and 25 per cent to 40 per cent of India’s cargo volume goes through their ports. The biggest competitor is actually the Indian government, who is not exactly the fastest-running horse in the race,” Jain said in an interview with The Australian Financial Review.
Hindenburg has their view, and we have our view, and we happen to disagree with their view, but that’s what makes a market, Jain said.