Adani Power, AEL, Adani Green: MFs bought 8 Adani stocks worth Rs 3,600 cr in March

Adani Power Ltd, Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Ports, ACC Ltd, Sanghi Industries, Ambuja Cements and Adani Total Gas are among Adani group stocks that mutual funds bought in March. Fund managers bought Rs 3,122 crore worth these seven Adani group shares for the month, data compiled by PRIME Database suggests. 

In the case of Adani Enterprises, the flagship Adani group firm, MF ownership jumped to 2.84 per cent in March from 2.16 per cent in February, as domestic funds bought a net Rs 1,695.40 crore worth AEL shares for the month. MFs owned Rs 6,454.28 crore worth of AEL shares at the end of March against Rs 6,023.62 crore at the end of February.

PRIME Database calculated net buys by multiplying the difference in February and March shareholding by the volume weighted average price during the month of March. 
 
On this basis, PRIME Database suggested that MFs bought Rs 723.86 crore wroth Adani Green Energy shares, rising stake to 3.18 per cent from 2.67 per cent in February. MFs held Rs 4,228.54 crore worth Adani Green shares at the end of March.

MFs were seen upping stakes in cement makers Ambuja Cements and ACC to the tune of Rs 476.74 crore and Rs 17 crore, respectively. They held 8.88 per cent in Ambuja Cements and 7.97 per cent stake in ACC at the end of March.

Adani Power witnessed a net Rs 374.84 crore in MF buying in March, as the institutional class upped stake to 3.63 per cent from 3.49 per cent on month-on-month basis. 

Sanghi Industries and Adani Total Gas Ltd are two stocks that saw up to Rs 52 crore worth MF buying in March. MFs, meanwhile, sold Rs 288 crore worth shares of Adani Energy Solutions. 
 

For the March quarter, JM Financial said Adani Power may report 12.3 per cent YoY decline in net profit at Rs 2,278 crore on 0.5 per cent rise in sales at Rs 14,309 crore. It sees Adani Energy to clock 148 per cent YoY rise in profit at Rs 654 crore and Adani Green to report 46 per cent drop in profit at Rs 296.70 crore. 

In its Q4 preview note, PL Capital upgraded Ambuja Cements stock to ‘Accumulate’ with a revised target of Rs 27,370 against Rs 27,770 earlier, primarily driven by the correction in the stock price during the March quarter and the company’s ongoing efforts to improve volumes. It suggested 'Buy' on ACC with a target of Rs 2,188.