Rajiv Jain's GQG Partners makes Rs 10,000 cr on Adani stocks! Investment value now hits Rs 25,000 cr-mark

A strong rebound in Adani group stocks helped Rajiv Jain's GQG Partners make a solid 65.18 per cent return in less than three months of its investments in four of the group companies. In value terms, GQG Partners' Rs 15,446.35 crore investments on March 2 was worth Rs 25,515.50 in Tuesday's trade, up Rs 10,069 crore.

To recall, GQG Partners' billions worth of investment in Adani stocks had come on a day the Supreme Court asked the market regulator Sebi to conduct an investigation to ascertain if the conglomerate violated market norms.

As things stand today, Adani group stocks have been rallying for the third straight day after a Supreme Court-appointed panel on Friday said it found no regulatory failure around price manipulation in the conglomerate's stocks and violation of minimum public shareholding rules.

With Adani investments, Rajiv Jain, who is the chairman and chief investment office at GQG, became of the latest entrants in Forbes Billionaires 2023 list with a net worth of $2 billion. Jain owns 69 per cent stake in the Fort Lauderdale-based firm. The company was co-founded by Jain and the firm’s CEO Tim Carver in 2016. As per the company's website, the firm manages $88 billion in assets under management.

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GQG Partners had bought 38,701,168 Adani Enterprises shares at Rs 1,410.86 apiece for Rs 5,460 crore. On Tuesday, those shares were worth Rs 10,589 crore. The US-based boutique investment firm bought 88,600,000 Adani Ports shares at Rs 596.20 apiece for Rs 5,282 crore. The investment value has climbed to Rs 6,964 crore.

The US-based GQ Partners bought 55,600,000 shares of Adani Green Energy at Rs 504.60, valuing Rs 2,806 crore. Those shares were worth Rs 5,501.62 crore in Tuesday's trade. In Adani Transmission, GQG bought 28,400,000 shares at Rs 668.40, totalling Rs 1,898 crore. The shares were worth Rs 2,461 crore in value as of Tuesday's trade.

In an interview to Bloomberg in April, Jain said he was unfazed by the US short seller Hindenburg Research's allegations against Adani Group. He said he believes the stocks "could be multibaggers" over five years.

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