Mutual Funds Raise Stakes in Key Adani Group Stocks in May; ACC, AWL See Outflows
Mutual funds increased their exposure to several Adani Group companies in May, including Adani Ports & SEZ, Adani Green Energy, Adani Enterprises Ltd (AEL), and Adani Power, while reducing stakes in ACC Ltd and AWL Agri Business Ltd, according to data compiled by Emkay Global.
Among the notable moves, mutual fund holdings in Ambuja Cements rose to ₹9,472 crore in May, up from ₹8,795.10 crore in April. The combined stake of 28 asset management companies (AMCs) stood at 6.85%, an increase of 45 basis points from April’s 6.40% — representing an addition of over 2 crore shares.
In Adani Ports, 28 MFs increased their holdings by 40 basis points to 2.57% in May from 2.17% in April. The total value of their investment rose to ₹8,108 crore from ₹6,801.70 crore.
Adani Green Energy saw a sharp jump in MF interest, with holdings rising to 0.31% from a negligible 0.01% in April. MFs collectively held 51.5 lakh shares in May, up from just 2,147 shares a month earlier.
In Adani Enterprises, 16 mutual funds raised their stake to 0.76% in May, up from 0.66% in April. The number of shares held increased to 91.36 lakh from 72.13 lakh, an addition of over 19 lakh shares.
Mutual funds also marginally increased holdings in Adani Power and Adani Energy Solutions Ltd. In Adani Power, MF holdings rose by 10 basis points to 0.76%, while in Adani Energy Solutions, they increased by 6 basis points to 1.31%.
Meanwhile, mutual funds cut their stake in ACC Ltd by 153 basis points, reducing it to 10.96% from 12.49%. AWL Agri Business Ltd also saw a reduction in MF holdings by 11 basis points to 8.25% from 8.36%. Adani Total Gas continued to have negligible mutual fund interest.
In the broader market, fund managers were seen accumulating shares of ITC, HDFC Bank, Bharti Airtel, Zomato (Eternal Ltd), and IndiGo (InterGlobe Aviation). On the other hand, they reduced exposure in Max Financial, Nykaa (FSN E-Commerce Ventures), BSE, and Coforge, according to a report by Nuvama Institutional Equities.