Adani promoters raised stakes in 5 listed group companies in first quarter

Promoter Gautam Adani family-owned entities increased their holdings in five listed group firms during the first quarter ended June 2024. Cement major Ambuja Cements saw promoter shareholding rise by 359 basis points (bps) quarter-on-quarter (Q-o-Q) to 70.3 per cent, followed by flagship Adani Enterprises, where promoter stake rose by 211 bps to 74.7 per cent.

Adani Energy Solutions, Adani Green Energy, and Adani Power saw a hike in promoter holdings between 96 bps and 173 bps. The promoter holding remained unchanged in ACC, Adani Wilmar, Adani Ports & SEZ and Adani Total Gas.

News broadcaster NDTV saw a 500 bps drop in promoter holding. However, that was on the account of founders Prannoy Roy and Radhika Roy reclassifying themselves as public shareholders. According to back-of-the-envelope calculations, the promoter group of the port-to-cement conglomerate pumped in over Rs 20,000 crore to hike stakes in the five group firms.

Market players said promoters hiking stakes will boost confidence towards the group stocks, most of whom have emerged stronger from the collapse triggered by the scathing report released by US-based Hindenburg Research in January 2023. Following Hindenburg’s report, the value of the group firms had fallen by 65 per cent, or Rs 12.4 trillion, to below Rs 7 trillion. However, from the lows on February 27, 2023, the market value of the group has bounced by more than two times. On Friday, the combined group mcap stood at 16.7 trillion.