Adani Enterprises, Ambuja Cements: 2 Adani group shares that FPIs bought in Q1

Foreign portfolio investors (FPIs) increased stake in Adani Enterprises and Ambuja Cements by over 100 basis points in the June quarter, latest shareholding data suggest.  The quarter was marked by a continued recovery in the Adani group stocks,  with the group market capitalisation rising Rs 94,334 crore in the three-month period to Rs 10.08 lakh crore from Rs 9.14 lakh crore.

In the case of Adani Enterprises, FPIs increased holding by 159 basis points to 19.34 per cent at the end of June quarter from 17.75 per cent in March quarter. At Adani Enterprises' AGM on Tuesday, founder Gautam Adani said Adani Enterprises continued to successfully demonstrate its incubation capabilities with new businesses accounting for a massive 50 per cent of its Ebitda in FY23.

Of the several projects underway, two of the key ones included the Navi Mumbai Airport and the Copper Smelter. Both are on schedule. The Navi Mumbai Airport, Adani said, is preparing for operational readiness and Airport Transition by December 2024.

"The Integrated Resource Management volume increased by 37 per cent to 88 MMT vs 64 MMT in FY22. NDTV is expanding its international programming and coverage to serve a vast range of audiences across the globe. Our data centre JV AdaniConneX is on course to set up 350 MW capacity in the short term – and 1 GW capacity in the medium term. This is by far the largest order book in India. In combination with our strength in Green Power, this venture will be a game changer as computation becomes the most precious resource in the world," he said.

In the case of Ambuja Cements, FPIs upped stake by 130 basis points to 12.43 per cent from 11.13 per cent in the March quarter. An average share price target on this stock at Rs 444, as per Trendlyne, suggests a 7 per cent potential upside on the stock.

Meanwhile, FPIs trimmed holdings in Adani Wilmar (13 basis points) and ACC (8 basis points) while they reduced stake in NDTV (298 basis points) to negligible levels. Shareholding pattern for Adani Green Energy Ltd, Adani Transmission Ltd, Adani Total Gas Ltd, Adani Power Ltd and Adani Ports and Special Economic Zone Ltd are yet to be out.

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