adani: Notwithstanding Hindenburg report, 5 mutual funds shopped for Adani Power, Adani Wilmar stocks in March

By Jason Junior On Apr 14, 2023

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Notwithstanding the allegations leveled by the Hindenburg research report, five mutual funds asset management companies purchased two Adani Group company shares in March. These stocks are Adani Power Limited and Adani Wilmar Limited.

Motilal Oswal Mutual Fund (MF), Mirae Mutual Fund and Edelweiss Mutual Fund bought shares of Adani Power while UTI MF and HSBC MF shopped for Adani Wilmar, according to March mutual fund analysis published by Nuwama Institutional Equities.

Adani Power
Motilal Oswal MF bought 414,000 shares in Adani Power worth Rs 8 crore according to the Nuwama report. This translates into a per share acquisition cost of Rs 193.

Meanwhile, Mirae MF purchased 74,000 shares at a price consideration of Rs 1 crore, the Nuwama report said further. The per share acquisition cost for Mirae stood at Rs 135.

The price of Adani power share on January 24, 2023 – the day when Hindenburg report was released – was Rs 274.65 on the NSE. On March 1, 2023, the price of Adani Power share was Rs 153.60 while the stock closed at a price of Rs 191.60 on March 31, 2023.

Edelweiss bought 5,000 shares in Adani Power stock.

Adani Wilmar
UTI Mutual Fund purchased 180,000 shares of Adani Wilmar at a buying price of Rs 7 crore. The per share acquisition cost was around Rs 389. Adani Wilmar shares ended at Rs 572.65 on January 24, 2023. On 1 March, 2023, the price of this stock was Rs 379.70 while it was at Rs 405.85 on March 31, 2023.

HSBC MF bought 3,000 shares of Adani Wilmar.

Adani Power and Adani Wilmar shares ended at Rs 188.90 and Rs 410.65, respectively. While the latter is a large cap stock and a constituent of Nifty 100, the former is a part of Nifty Mid Cap 100 index.

Equity or growth oriented mutual funds witnessed an inflow of Rs 20,534.21 crore in March according to data published by Association of Mutual Funds in India (AMFI).

Key additions by MFs in March were Infosys (Rs 2,500 core), Reliance Industries (Rs 1,900 crore) and HDFC (Rs 1,400), while key reductions were Ultratech Cements (Rs 6,400), SRF (Rs 5,400) and Max Health (Rs 4,400), the Nuwama report said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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