look news india
Taking advantage of the rise in share prices of Adani Group companies, FIIs reduced their stake in nine Adani Group companies in the quarter ended June.
Of the two underperformers compared to the stock market, LIC has increased its stake in this quarter. During the quarter, FIIs increased their stake by 0.21 percent in Adani Ports, which was the only port included in the Sensex component last month.
On the other hand, LIC has increased its stake in ACC, Adani Ports and Adani Total Gas. However, LIC has reduced its stake in Ambuja Cement by 0.62 per cent to 5.07 per cent. Adani Energy shares are trading flat so far this year, while Adani Enterprises shares are up just 4 per cent so far in 2024, underperforming the Sensex.
However, mutual funds are bullish on stocks of Adani Group companies and funds have raised their stake in ACC by 1.22 per cent, Adani Ports by 0.35 per cent and Adani Energy by 0.16 per cent. However, funds have reduced their stake in Ambuja Cements. Incidentally, Ambuja Cements is the only Adani Group stock where retail investors have also reduced their stake. In the quarter under review, retail investors raised their stake in 9 Adani Group stocks, barring Ambaja. They raised stake in Adani Ports by 0.71 per cent, ACC by 0.36 per cent and Adani Enterprises by 0.35 per cent. Promoters' stake increased in 5 Adani Group stocks – Ambuja Cements, Adani Power, Adani Green Energy, Adani Enterprises and Adani Energy – in the quarter. Adani Ports has been the top performer among the 10 Adani Group stocks in the current year and the stock has gained 45 per cent so far in 2024. Other toppers include Adani Power, Ambuja Cements and ACC. On the other hand, NDTV, Adani Total Gas and Adani Wilmar declined during this period.