Shares of companies traded largely flat on Monday despite weakness in the broader market, with Adani Energy Solutions emerging as the key outperformer after hitting a fresh 52-week high.
Adani Energy Solutions rose over 2 per cent to touch a new 52-week high of ₹1,614.80 on the NSE. The rally came after SBI Mutual Fund
Adani Enterprises traded flat at ₹3,023.60 on the NSE at around 12 noon. The flagship Adani Group company had recently touched a 52-week high of ₹3,059.80 on Friday, June 5.
Among other Adani Group stocks, traded flat at ₹1,825.20, while Adani Power was steady at ₹233.13. Adani Green Energy also traded flat at ₹1,515.40, while Adani Total Gas remained unchanged at ₹755.90. ACC traded flat at ₹1,326.80 and Ambuja Cements was steady at ₹417.20.
Meanwhile, AWL Agri Business declined around 1 per cent to ₹186.88 on the NSE.
The muted movement in most Adani Group counters came even as benchmark indices traded lower during the session.
On Friday, SBI Mutual Fund purchased stakes in Adani Enterprises and Adani Energy Solutions from US-based GQG Partners for a combined ₹5,747 crore through block deals on the NSE.
According to NSE block deal data, SBI Mutual Fund acquired nearly a 1.3 per cent stake in Adani Enterprises; and a 0.52 per cent stake in Adani Energy Solutions.
The shares were bought in the price range of ₹1,504.80 to ₹2,913.40 apiece, taking the total transaction value to ₹5,747.55 crore.
Rajiv Jain-backed GQG Partners, through its affiliate GQG Partners Emerging Markets Equity Fund, sold the same number of shares in the two Adani Group companies.
The latest acquisition comes after SBI Mutual Fund last month bought a 0.45 per cent stake in Adani Enterprises for ₹1,435 crore.
Meanwhile, the group chairperson, Gautam Adani, regained the position of Asia’s richest person after a surge in the share prices of listed Adani Group companies boosted his net worth, according to a Forbes report.
Forbes said Gautam Adani’s fortune rose by around $2.5 billion on Friday as shares of Adani Group firms rallied sharply. According to Forbes’ Real-Time Billionaires List, Adani’s net worth climbed to $89.2 billion, ahead of Reliance Industries chairman Mukesh Ambani at $88 billion and SoftBank founder Masayoshi Son at $87 billion.