Mutual Funds Acquire ₹4,200 Crore in Adani Stocks

The Adani Group of companies has been witnessing a gradual increase in mutual fund interest, with consistent net buying over the past few months. In August, mutual funds invested over ₹4,200 crore in Adani Group stocks, marking a significant rise from July’s net buying of around ₹2,000 crore. This was already a notable increase compared to June and May, where net purchases amounted to ₹990 crore and ₹880 crore, respectively.

This uptick in investments is particularly significant as mutual funds were net buyers in eight of the group's listed companies, with only ACC experiencing a small net sell-off.

Among the top performers in August, Adani Energy Solutions and Ambuja Cement saw the highest mutual fund investments, attracting ₹1,541 crore and ₹1,308 crore, respectively. The surge in Adani Energy Solutions was driven by a $1 billion Qualified Institutional Placement (QIP), while Ambuja Cement's rise was attributed to a ₹4,250 crore block deal.

Other Adani Group stocks also drew mutual fund investments in August. Adani Enterprises led with ₹924 crore, followed by Adani Ports & SEZ at ₹588 crore. Adani Power attracted ₹44 crore, Adani Green Energy ₹11 crore, Adani Total Gas ₹4.17 crore, and Adani Wilmar ₹34 lakh. Meanwhile, ACC experienced mutual fund outflows totaling ₹201 crore.

Looking at specific fund houses, SBI Mutual Fund was the leading buyer in Adani Energy Solutions with ₹740 crore, followed by Tata Mutual Fund and HDFC Mutual Fund, which invested ₹237 crore and ₹202 crore, respectively. Other notable buyers included Bandhan MF, Helios MF, Axis MF, and Whiteoak MF, with investments ranging from ₹10-60 crore.

In Ambuja Cement, Invesco Mutual Fund led with ₹231 crore, followed by Mirae Asset and ICICI Prudential, investing ₹193 crore and ₹97 crore, respectively. Additional investors included Kotak MF, Tata MF, Baroda BNP Paribas MF, Edelweiss AMC, and SBI MF, each contributing between ₹10-60 crore.

In Adani Enterprises, Invesco was again the top buyer, with ₹319 crore, followed by Aditya Birla Sun Life MF and Kotak Mahindra MF, which invested ₹132 crore and ₹65 crore, respectively. For Adani Ports, SBI Mutual Fund led with ₹261 crore, while Kotak MF and ICICI Prudential MF invested ₹129 crore and ₹100 crore, respectively.

The ongoing increase in mutual fund investments in the Adani Group is notable, especially as many asset management companies had previously avoided the group despite a significant surge in the stock prices of its listed entities.