Adani Ports: LIC, MFs trim stakes, GQG investment pushes FPI holding to multi-quarter high
Adani Ports: Mutual funds cut their holdings in the Adani company to 3.09 per cent stake as on March 31 from 4.43 per cent as on December 31. Life Insurance Corporation of India (LIC) also trimmed its holding in the Adani group company
- Apr 10, 2023,
- Updated Apr 10, 2023 7:13 PM IST
Adani Ports & SEZ (Adani Ports) saw a jump in foreign portfolio investor (FPI) holding to a multi-quarter high in the March quarter, thanks to investments by Rajiv Jain-led GQG investment this past month. Domestic institutions such as Life Insurance Corporation of India (LIC) and mutual funds trimmed stakes in the Adani group firm during the same period, latest shareholding pattern suggests.
Jain's US-based global equity investment firm had in March purchased 88,600,000 Adani Ports shares at Rs 596.20 apiece for Rs 5,282 crore. The shares bought accounted for 4.1 per cent of Adani Ports stake.
Data showed FPIs as an institutional category held 38,85,97,716 shares, or 17.99 per cent stake, in the March quarter. This is against 13.76 per cent stake they held in the largest domestic integrated transport utility in December quarter, 14.33 per cent in September and 14.24 per cent in June quarter. FPIs held 18.72 per cent stake in the December quarter of 2019.
The promoter group stake in the firm dropped to 61.03 per cent from 65.13 per cent sequentially.
Mutual funds cut their holdings in the Adani company to 3.09 per cent as on March 31 from 4.43 per cent as on December 31, 2022. Life Insurance Corporation of India (LIC) also trimmed its holding in the Adani group company to 19,70,26,194 shares or 9.12 per cent compared with 19,75,26,194 shares or 9.14 per cent in the December quarter.
Adani Ports in its recent business update said its volumes in March crossed the 30 million metric tonne (mmt) mark for the first time since July 2022. The company said it handled 32 mmt of total cargo in March, up 9.5 per cent YoY. With 339 mmt in FY23, Adani Ports recorded its largest port cargo volumes ever. Volumes were up 9 per cent over FY22.
Adani Ports has been continuously increasing its market share for the past years, outperforming all of India’s cargo volume growth, the company said in a BSE filing. The improvement in cargo volumes is testimony to the faith that our customers have in us, said CEO and Whole Time Director Karan Adani.
Data showed Adani Ports stock has been among only two BSE100 stocks, which have 100 per cent 'Buy' ratings from analysts.
Adani Ports & SEZ (Adani Ports) saw a jump in foreign portfolio investor (FPI) holding to a multi-quarter high in the March quarter, thanks to investments by Rajiv Jain-led GQG investment this past month. Domestic institutions such as Life Insurance Corporation of India (LIC) and mutual funds trimmed stakes in the Adani group firm during the same period, latest shareholding pattern suggests.
Jain's US-based global equity investment firm had in March purchased 88,600,000 Adani Ports shares at Rs 596.20 apiece for Rs 5,282 crore. The shares bought accounted for 4.1 per cent of Adani Ports stake.
Data showed FPIs as an institutional category held 38,85,97,716 shares, or 17.99 per cent stake, in the March quarter. This is against 13.76 per cent stake they held in the largest domestic integrated transport utility in December quarter, 14.33 per cent in September and 14.24 per cent in June quarter. FPIs held 18.72 per cent stake in the December quarter of 2019.
The promoter group stake in the firm dropped to 61.03 per cent from 65.13 per cent sequentially.
Mutual funds cut their holdings in the Adani company to 3.09 per cent as on March 31 from 4.43 per cent as on December 31, 2022. Life Insurance Corporation of India (LIC) also trimmed its holding in the Adani group company to 19,70,26,194 shares or 9.12 per cent compared with 19,75,26,194 shares or 9.14 per cent in the December quarter.
Adani Ports in its recent business update said its volumes in March crossed the 30 million metric tonne (mmt) mark for the first time since July 2022. The company said it handled 32 mmt of total cargo in March, up 9.5 per cent YoY. With 339 mmt in FY23, Adani Ports recorded its largest port cargo volumes ever. Volumes were up 9 per cent over FY22.
Adani Ports has been continuously increasing its market share for the past years, outperforming all of India’s cargo volume growth, the company said in a BSE filing. The improvement in cargo volumes is testimony to the faith that our customers have in us, said CEO and Whole Time Director Karan Adani.
Data showed Adani Ports stock has been among only two BSE100 stocks, which have 100 per cent 'Buy' ratings from analysts.