Stock market today: Adani group shares have been in uptrend for last few trade sessions. Out of 10 Adani shares, Adani Power share price has ascended from ₹280 to ₹343 apiece levels in last four sessions, logging near 22.50 per cent rise in this time. Adani Ports share price has 776 apiece levels to ₹869 per share levels on NSE, logging around 12 per cent appreciation in last four sessions. Adani Green share price has surged from near ₹933 to ₹1044 apiece levels in last three days, logging to the tune of 12 per cent rise in this time. Even today, seven out of ten Adani group shares are in green. The three stocks that are in red zone are down by less than half per cent down. Adani Enterprises share price has also risen to the tune of 3 per cent during Tuesday deals.
On why Adani group shares are skyrocketing, Avinash Gorakshkar, Head of Research at Profitmart Securities said, 'Adani group shares are rising due to investment buzz in recent few sessions. We saw GQG partners buying over 5 per cent stake in Adani Power last week. Today, Adani group shares are rising after promoters raising their stake by 2 per cent in flagship group company Adani Enterprises Ltd. The company has informed Indian bourses that its promoter group company Kempas Trade and Investment Ltd has bought additional stake in the company, which is to the tune of 2 per cent of its total paid up capital."
However, Avinash Gorakshkar of Profitmart Securities maintained that rise in Adani shares are due to these short term sentiments and profit booking may trigger once these news fades out.
Advising buy on dips strategy in Adani Enterprises shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Adani Enterprises shares are in uptrend and it may go up to ₹3,000 apiece levels after breaching the immediate hurdle placed at ₹2,800 apiece levels. One can maintain buy on dips strategy in the scrip till it is sustaining above ₹2,470 apiece levels.”
Promoter buying in Adani Enterprises
As per the exchange filing by Adani Enterprises, a promoter group company — Kempas Trade and Investment Ltd — has bought 2.53 crore Adani Enterprises shares between 7th August 2023 to 18th August 2023. After this stake buying, promoter group shareholding in Adani Enterprises Ltd has gone up to 69.87 per cent. In shareholding pattern of Adani Enterprises for April to June 2023 quarter, promoters were shown holding 67.65 per cent stake in Adani Enterprises Ltd.
Last week, Adani Ports and Special Economic Zone Ltd had informed Indian stock market exchanges that GQG Partners have acquired stake in the company to the tune of 5.03 per cent. Later GQP also shared the development with Indian exchanges in this regard.
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Source Link: Adani Power to Adani Ports shares: Why Adani group stocks are skyrocketing — explained | Mint