From January to March, when the Adani group companies were going down the drain, the country’s largest insurance company LIC was buying about 3900 shares of Adani Enterprises daily. After the report of Hindenburg Research, the way the Adani Group has collapsed by almost 60 percent, buying thousands of shares of the group’s flagship company is considered to be the biggest dare of LIC. Let us also tell you that the report which has finally come out is shocking.
bought 357,500 shares
Ignoring the allegations made in the Hindenburg Report, the Life Insurance Corporation of India ie LIC has increased the stake in billionaire Gautam Adani’s flagship company Adani Enterprises in the March quarter. The surprising thing is that the stock of Adani Enterprises had not even halved in this quarter. LIC bought 357,500 shares of Adani Company.
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The stake increased to 4.26 per cent in the March quarter.
The PSU insurer’s stake in Adani Enterprises has increased from 4.23 per cent in the December quarter to 4.26 per cent in the March quarter. LIC also raised stake in Adani Transmission, Adani Green and Adani Total Gas during the quarter. On the other hand, the insurance company also has stakes in Adani Ports and two cement companies of the group – ACC and Ambuja.
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By the end of January, there was an investment of Rs 30,127 crore.
By the end of January 2023, LIC’s investment in Adani Group companies was Rs 30,127 crore. During that time, Congress leader Rahul Gandhi had alleged that SBI and LIC were forced to invest in companies to save Adani Group. After which LIC had said in its defense that it invests from a long-term perspective and invests on the basis of investigation. LIC had also said that its total exposure in Adani Group is not even one per cent of the total AUM.
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Retail investors flock to Adani shares
Meanwhile, the number of small retail investors with an investment of less than Rs 2 lakh in Adani Enterprises increased almost 3 times to 7.29 lakh. Retail investors now hold 3.41 per cent of the company as compared to 1.86 per cent in Q3. However, the mutual fund kept itself safe by reducing stake from 1.19 per cent to 0.87 per cent in the last December quarter. The number of MF investors also decreased from 31 to 27.
American firm had invested Rs 15,000 crore
Adani Enterprises had to cancel its FPO after the Hindenburg report. After that, to reduce its debt, Adani Group had entered into a deal of Rs 15,000 crore with US-based GQG Partners. Adani Enterprises is one of the four companies in which the promoters reduced their stake. GQG had bought shares of Adani Enterprises for Rs 5,460 crore. During that time the American company had struck a deal at Rs 1,410.86 per share.
The momentum in the shares was halted
After this deal, there was a brake on the fall in Adani’s shares. Shares of Adani Enterprises were trading flat at Rs 1,800.55 on Tuesday and are down 57 per cent from their lifetime high of Rs 4,189.55. NRI investor Rajeev Jain, who runs GQG, recently said that he expects his investments in Adani companies to give multibagger returns over a period of five years.