On Tuesday, November 28, shares of Adani group firms rallied up to 20 per cent in Tuesday’s trade, with the Rajiv Jain-led GQG Partners making about Rs 3,000 crore in profits in a single session.
The Supreme Court on Tuesday reserved its order on the petition filed by hedge fund Hindenburg Research against the Adani Group, alleging that the group’s businesses were fraudulent. The stock market reacted positively to the development, with Adani group firms rallying sharply.
GQG Partners is a global asset management firm founded by Rajiv Jain, a former investment banker at Goldman Sachs. The firm has a large investment in the Adani Group, and its profits from the rally in Adani group shares are estimated to be around Rs 3,000 crore.
The rally in Adani group shares was triggered by the news that the Supreme Court had reserved its order on the Hindenburg petition. This news was interpreted by investors as a positive signal for the Adani Group.
The Hindenburg petition alleges that the Adani Group’s businesses are fraudulent and that the group has engaged in insider trading. The petition has been widely criticized by Adani Group executives and supporters, who have called it a “frivolous” and “baseless” attack.
The Supreme Court is expected to give its ruling on the petition in the coming days. In the meantime, the rally in Adani group shares is likely to continue, as investors await a positive outcome.
Image: Rajiv Jain, founder of GQG Partners
The rally in Adani group shares is a major boost for GQG Partners, which has been under pressure in recent months due to the Hindenburg petition. The profits from the rally are likely to be a major source of revenue for the firm in the coming quarters.
The rally in Adani group shares is also a positive sign for the Adani Group, which has been facing a number of challenges in recent months. The rally suggests that investors are still confident in the long-term prospects of the group.
The Hindenburg petition is a major setback for the Adani Group, but the rally in shares suggests that the group may be able to weather the storm. The group’s long-term prospects will depend on its ability to address the allegations made by Hindenburg.
In the meantime, the rally in Adani group shares is a major boost for GQG Partners and the Adani Group. It is a reminder that even in the face of adversity, there is still plenty of optimism about the future of both companies.