Adani Green block deal: Qatar Investment Authority likely bought Adani shares

Qatar Investment Authority has likely bought Adani Green Energy shares amid block deals in Monday's trade. As per a media report QIA bought shares to the tune of $500 million. For the day, Adani Green Energy saw a turnover of Rs 4,452.33 crore on BSE and Rs 888.61 crore on NSE.

Over 11 lakh shares of the Adani Group-owned renewable power producer had changed hands in 14 block deals as of 2 pm, as per data from Refinitiv. These shares changed hands in a price range of Rs 882 to Rs 954 per share, Reuters reported.

Shares of Adani Green tanked 12.59 per cent earlier on Monday, but have cut most of their losses. The stock eventually closed at Rs 965.05 on BSE, down 4.69 per cent.

QIA and Adani Green did not immediately respond to Reuters' request for comment.

As per the shareholding data, promoters held 56.27 per cent stake in Adani Green Energy. Adani Green Energy, a part of India-based Adani group, has one of the largest global renewable portfolios with overall locked-in portfolio of 20.4 GW including operating, under construction, and awarded projects catering to investment-grade counterparties.

In the first quarter of FY24, Adani Green reported robust results. Its consolidated net profit rose 51 per cent year-on-year (YoY) to Rs 323 crore as compared to Rs 214 crore in the same quarter last year. Its revenue from operations jumped 33 per cent to Rs 2,176 crore for the June quarter, compared with Rs 1,635 crore in the corresponding period of last year.

Also read: Hot stocks on August 7, 2023: Zomato, Paytm, IRFC, Adani Green, Grasim and more

Also read: Why are SBI shares falling post Q1 results. Should you buy, hold or sell this PSU bank stock?

Also Watch: Dream Girl 2 actor Annu Kapoor calls Reliance Industries Foundation Chairman Mukesh Ambani a “struggler”