Mutual Funds Increase Investment in Adani Group Stocks, Surpassing Rs 4,200 Crore in August
In August, the investment by mutual funds in Adani Group stocks saw a sharp upsurge as it went on to buy more than Rs 4,200 crore worth of shares. This was again a rise in interest on the part of mutual funds, having bought as much as Rs 2,000 crore in July, and lower figures of Rs 990 crore and Rs 880 crore in June and May, respectively.
Mutual funds netted from eight of the listed companies and saw only ACC with slight selling. Two interesting buys were Adani Energy Solutions and Ambuja Cement attracting Rs 1,541 crore and Rs 1,308 crore respectively. It must be noted that the spate of buying in Adani Energy Solutions came after QIP worth $1 billion and Ambuja Cement bought in after its block deal of Rs 4,250 crore.
Investments made in other significant companies were Rs 924 crore in Adani Enterprises, Rs 588 crore in Adani Ports & SEZ, and smaller pockets in Adani Power to the tune of Rs 44 crore, Adani Green Energy Rs 11 crore, Adani Total Gas Rs 4.17 crore, and Adani Wilmar Rs 34 lakh. On the other hand, there were outflows from the mutual funds accounting for Rs 201 crore in ACC.
First shareholder to hit the share allocation list of Adani Energy Solutions is SBI Mutual Fund with Rs 740 crore, followed by Tata MF and HDFC MF with Rs 237 crore and Rs 202 crore respectively. While in Ambuja Cement the largest buyer happens to be Invesco MF at Rs 231 crore, followed by buyers Mirae Asset and ICICI Prudential buying Rs 193 crore and Rs 97 crore respectively. The major share came from Invesco MF at Rs 319 crore in Adani Enterprises, while SBI Mutual Fund held the majority in Adani Ports at Rs 261 crore.
This is one of the best mutual fund investments, as many asset management companies seemed to keep their distance from the group despite the strong rise in its listed entities’ stock.
