STOCK UP! ADANI GROUP SHARES BECOMING FII FAVOURITE! LIC MAKES A RS 8900 CR FORTUNE IN 3 MONTHS

Adani Group Stocks: Foreign Institutional Investors (FIIs) seem bullish on Adani Group stocks and as they have hiked their stake in as many as 6 shares of the conglomerate in the March 2024 quarter. Not just this, but India’s largest insurer Life Insurance Corporation of India (LIC) has made a massive Rs 8900 crore fortune from Adani stocks in a matter of 3 months.

FIIs seemed to be stocking up Adani Group shares from December 2023 quarter to the last quarter of financial year 2024. Six listed group companies saw the investors raising their shareholding them. These include Adani Ports, Adani Green Energy, Adani Wilmar, Adani Power, Adani Total Gas and NDTV.

FIIs Raise Stake in Adani Group Stocks

Adani Ports - FII ownership went up by 26 bps to 14.98% in March 2024 quarter

Adani Green Energy - FII ownership went up by 12 bps to 18.15% in March 2024 quarter

Adani Wilmar - FII ownership went up by 12 bps to 0.77% in March 2024 quarter

Adani Power - FII ownership went up by 5 bps to 15.91% in March 2024 quarter

Adani Total Gas - FII ownership went up by 7 bps to 13.13% in March 2024 quarter

NDTV - FII ownership went up by 1 bps to 0.14% in March 2024 quarter

Additionally, mutual funds also bought more shares of Adani Group companies including ACC, Adani Enterprises, Adani Green Energy and Adani Power.

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LIC Stake in Adani Group Stocks

While FIIs were seen raising their holding in the stocks of the Adani conglomerate, state-owned insurer LIC made a massive fortune from its holding in 7 group companies, Economic Times reported. The PSU insurer’s holding Adani stocks went up by over $1 billion in the last quarter of FY24.

India's largest domestic institutional investor LIC has stake in as many as 7 Adani stocks. While it cut down its stake in both cement stocks, the insurer’s holding surged by Rs 8900 crore in the March 2024 quarter, up from Rs 52,779 crore to Rs 61,660 crore now, the Economic Times report added.

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2024-04-16T08:52:04Z dg43tfdfdgfd