GQG Partners Adani Stake Sale: Adani Power shares saw buying during Friday's session despite news that GQG Partners was offloading its 0.02% stake in the company. The Gautam Adani-led company informed the GQG Partners' move in an exchange filing on Friday. However, it didn't affect bulls' sentiment, and they outperformed bears during the Friday session, as Adani Power shares finished at ₹188.60 per share on the NSE, edging higher from their previous close of ₹188 apiece.
According to an exchange filing by the Adani Group company, GQG Partners offloaded 5,039,326 Adani Power shares, reducing its net shareholding in the company from 1,107,475,959 to 1,102,436,633. With this partial profit-booking, GQG Partners' stake in Adani Power could drop from 5.74% to 5.72%. The US-based FPI sold its Adani Power shares through multiple on-market transactions.
Adani Power informed the Indian stock market exchanges about the GQG Partners' profit-booking move in an exchange filing on Friday, saying, "We would like to inform you that (GQG partners) have sold equity shares of Adani Power Limited ("Company") by way of multiple on-market transactions resulting in aggregate change of shareholding in excess of 2% (two percent) of the total shareholding or voting rights in the Company. GQG Partners LLC is the investment manager of the Acquirer and PACs and has made the investment decision on behalf of the Acquirer and PACs."
Expecting a further rise in Adani Power shares, Mahesh M Ojha, VP — Research and Business Development at KC Securities, said, “Adani Power share price is looking bullish on the monthly chart. It has strong support placed at ₹180 and ₹168, while facing resistance at ₹200. On breaking above this hurdle, the Adani Power share target can be expected around ₹225. So, Adani Power shareholders are advised to hold the scrip, maintaining the stop-loss at ₹168.”
On suggestion to the fresh investors, Mahesh M Ojha said, “Fresh investors can also buy Adani Power shares, maintaining a buy-on-dip strategy, keeping stop-loss at ₹168. They can also buy and hold the scrip for the near-term target of ₹225.”