Shares of four Adani Group companies locked in 5% upper circuit

Shares of Adani Group companies were in focus during Monday’s session, with four of the six listed stocks being locked in the upper circuit of 5 per cent, bouncing back up to 11 per cent from their respective intra-day lows on the BSE.

Adani Green Energy (Rs 1,115.85), Adani Transmission (Rs 1,297.65), Adani Total Gas (Rs 1,321) and Adani Power (Rs 120.60) were locked in 5 per cent upper circuit on the BSE. Adani Ports and Special Economic Zone (APSEZ) and Adani Enterprises rallied over 7 per cent and 6 per cent, respectively, in intra-day trade. In comparison, the Sensex rose 0.44 per cent to 52,574.46 on Monday.

Last week, all Adani group stocks had come under pressure after a media report suggested that the National Securities Depository (NSDL) had frozen accounts of three foreign funds that own stake in four of Adani Group companies. 

Adani Power, Adani Total Gas and Adani Transmission had tanked 23 per cent and APSEZ 17 per cent. They were followed by Adani Green Energy and Adani Enterprises which shed 13 per cent and 7 per cent, respectively. In comparison, the Sensex declined 0.24 per cent during the week.

Adani group companies as well as the NSDL had clarified that the demat accounts of three foreign funds-Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in group companies “are not frozen”. 

Among individual stocks, shares of APSEZ were up 7 per cent at Rs 745 on the BSE in intra-day on Monday, rising 15 per cent in the past two trading days, after the promoters bought over 3.5 million shares of the company via the open market. On June 18, 2021, Worldwide Emerging Market Holding, the promoter group of the company, purchased 1.64 million shares, representing a 0.08 per cent stake, worth Rs 111 crore of the company via the open market, according to disclosure made by APSEZ on Monday. 

The promoter bought these shares at an average price of Rs 676.57 per share, data shows. Post-acquisition, Worldwide Emerging Market Holding’s holding in APSEZ increased to 3.89 per cent from 3.81 per cent earlier. Total promoters' holding in APSEZ was 63.74 per cent as on March 2021.

Earlier, on June 17, Infinite Trade and Investment, the promoter group, had purchased 1.93 million shares, representing a 0.09 per cent stak in the company (worth Rs 126.81 crore) via the open market, according to disclosures made by APSEZ on June 19. The promoters bought these shares at an average of Rs 656.88, data shows. Infinite Trade and Investment had zero holding in the company prior to the acquisition of these shares. The name of the sellers were not ascertained immediately. 

Infinite Trade and Investment Ltd also purchased 9.1 million shares or 0.55 per cent stake, worth Rs 1,073 crore in Adani Green Energy between June 10 and June 18, the exchange data shows. The names of the sellers were not ascertained immediately.