GQG Partners has pared its holdings in two Adani Group companies through block deals worth about Rs 5,750 crore, with SBI Mutual Fund emerging as the buyer of the entire stake on Friday. According to NSE block deal data, GQG Partners Emerging Markets Equity Fund sold shares in Adani Enterprises and Adani Energy Solutions.

The larger transaction involved 1.64 crore shares of Adani Enterprises sold at Rs 2,913.4 apiece, translating into a deal value of about Rs 4,789 crore. In a separate transaction, GQG sold 63.66 lakh shares of Adani Energy Solutions at Rs 1,504.8 per share, amounting to around Rs 958 crore.

Together, the two transactions were valued at about Rs 5,747 crore. The shares were acquired by SBI Mutual Fund at the same prices through corresponding block deals.

The stake sale comes after a strong run in Adani Group stocks over the past year, during which several group companies recovered sharply from the volatility that followed allegations made by US-based short seller Hindenburg Research in 2023.

GQG had emerged as one of the earliest large institutional investors to back the Adani Group following that episode. Beginning in 2023, the fund manager invested billions of dollars across multiple Adani companies, helping restore investor confidence at a time when foreign institutional participation in the group had weakened.

Since then, Adani companies have focused on deleveraging, strengthening cash flows and improving operational performance. Several group entities have reported healthy earnings growth, while execution across infrastructure, energy and transport businesses has remained strong.

The latest transaction will be viewed by market participants largely as a portfolio rebalancing exercise rather than a change in the fund’s broader investment thesis on the group.Adani Enterprises, the flagship incubator of the conglomerate, houses businesses spanning airports, roads, green hydrogen, data centres and mining services. Adani Energy Solutions is one of India’s largest private-sector transmission companies and is expanding its presence in smart metering and distribution infrastructure.

Shares of both Adani Enterprises and Adani Energy Solutions are likely to remain in focus as investors assess the implications of the stake sale and changes in institutional ownership.

Ola Electric Mobility has raised Rs 780 crore through a qualified institutional placement (QIP) that was oversubscribed 56 per cent, driven by strong participation from domestic and global institutional investors, stock exchange data showed on Thursday.

The issue received bids worth about Rs 780 crore, with demand from long-only investors, including global names such as Goldman Sachs and BNP Climate Fund, alongside Indian mutual funds such as Motilal Oswal Mutual Fund, Mirae Asset Mutual Fund, Kotak Mahindra Mutual Fund, JM Financial Mutual Fund, and Baroda BNP Paribas Mutual Fund, among others.

The strong response came despite volatile equity markets and signals continued institutional confidence in Ola Electric’s growth strategy, technology roadmap and positioning within India’s electric vehicle sector.

The QIP was launched at an indicative price of Rs 35.86 per share, while the stock closed at Rs 43.06 on the National Stock Exchange on Thursday, more than 20 per cent above the indicative price and above the regulatory floor price of Rs 37.74.

The fundraise strengthens the company’s balance sheet and is expected to support expansion across electric mobility, battery technology development, manufacturing scale-up and product innovation.

The transaction also expands Ola Electric’s institutional shareholder base and underscores investor interest in India’s broader electric vehicle transition, even amid market volatility.

The sell-side comprised PB Fintech Chairman and Group CEO Yashish Dahiya, who sold 26 lakh shares, and Vice Chairman Alok Bansal, who sold 12 lakh shares.

On the buy side, the shares were absorbed by a diverse group of institutional investors, including National Pension System Trust, Tata Mutual Fund, Morgan Stanley Asia Singapore, Goldman Sachs Bank Europe, BNP Paribas Financial Markets and several funds managed by Wasatch Advisors.

Other investors participating in the transaction included Viridian Asia Opportunities Master Fund, Ghisallo Master Fund, St James’s Place Emerging Markets Equity Unit Trust, Societe Generale and multiple pension and retirement funds from the US.

The deal comes after a strong run in PB Fintech shares over the past year, driven by improving profitability, growth in its insurance distribution business and continued expansion of its credit marketplace.

PB Fintech operates digital platforms Policybazaar and Paisabazaar, which are among the country’s largest online insurance and lending marketplaces.

Shares of PB Fintech will remain in focus as investors assess the impact of the stake sale and changes in promoter shareholding following the transaction.

Members of the promoter family in Premier Energies sold shares worth nearly Rs 2,289 crore in a large block deal, with multiple institutional investors picking up stake in the solar equipment maker. According to NSE bulk deal data, promoter group entities together sold 2.39 crore shares in the company at Rs 955 apiece.

The combined transaction value stood at around Rs 2,289 crore. Among the sellers, Surenderpal Singh Saluja sold 1.56 crore shares, while Manjeet Kaur Saluja offloaded 50.46 lakh shares. Charandeep Singh Saluja sold 13.08 lakh shares and Jasveen Kaur Saluja divested 19.37 lakh shares.

On the buy side, Smallcap World Fund Inc purchased 24.44 lakh shares, while Quant Mutual Fund bought 40.83 lakh shares. Nomura India Investment Fund Mother Fund acquired another 25 lakh shares. Other investors who bought the stake include Kotak Mahindra Life, SBI Life, Kotak MF among others

The entry of large institutional investors into the counter comes at a time when investor interest in renewable energy and domestic solar manufacturing companies remains elevated amid India’s clean energy push and import substitution efforts.

Premier Energies has also seen strong earnings momentum driven by rapid capacity expansion across modules and cells.

The company recently reported a 38% year-on-year increase in Q4 FY26 revenue to Rs 2,230 crore, while profit after tax rose 64% to Rs 450 crore. EBITDA during the quarter increased 28% year-on-year to Rs 670 crore, though EBITDA margin contracted 300 basis points to 30%.

The company’s module manufacturing capacity has now reached 11.1 GW, while cell capacity currently stands at 3.6 GW and is expected to expand to 10.6 GW through ongoing projects scheduled for commissioning later this year.Premier Energies recently commissioned its 5.6 GW Sitarampur module facility in Telangana and expects full ramp-up over the next few months.

According to Elara Securities, the company is aggressively expanding integrated manufacturing capacity, with a 4.8 GW cell expansion targeted for June 2026 and another 2.2 GW expansion planned for September 2026.

The brokerage said Premier Energies is undertaking aggressive FY27 capex of Rs 5,100 crore across solar cells, ingot-wafer manufacturing, batteries and inverters.

Elara Securities maintained its “Accumulate” rating on the stock and raised its target price to Rs 1,052 from Rs 886.

The brokerage said Premier Energies is “set to lead by FY28” among India’s solar equipment manufacturers, helped by backward integration and large-scale capacity additions.

Apart from solar manufacturing, the company has also been diversifying into transformers and power equipment through Transcom, where transformer capacity is expected to rise nearly sevenfold to 16.75 GVA by July 2026 with a focus on high-margin HV and EHV segments.

The latest promoter stake sale comes amid strong investor interest in renewable energy and domestic manufacturing-linked themes over the past year, supported by policy incentives, production-linked schemes and increasing domestic demand for solar equipment.

Capital markets regulator Sebi has proposed relaxing mandatory call recording requirements for research analysts interacting with institutional investors, in a move aimed at reducing compliance burden and improving ease of doing business.

In a consultation paper released on Monday, Sebi proposed amendments to the Research Analysts Regulations, 2014 and related master circulars to make maintenance of call recordings optional for institutional investor interactions.

At present, research analysts and research entities are required to maintain records of all communications with clients and prospective clients, including emails, SMS records and telephone recordings.

The existing framework requires these records to be preserved for five years, and longer in case of disputes or regulatory review.

Sebi said the proposal follows representations from market participants and the Industry Standards Forum for Research Analysts, which argued that institutional investors are sophisticated entities capable of independently assessing research inputs and investment risks.

According to the consultation paper, institutional investors generally possess specialised knowledge, stronger due diligence capabilities and better awareness of legal and regulatory protections compared with retail investors.

The regulator said the original requirement for recording client interactions was primarily designed as an investor protection measure and supervisory tool, especially for retail participants.”Considering the fact that research analyst business does not involve client-specific investment advice, asset management or transaction execution, it is proposed to relax the existing requirement of maintenance of call records for clients which are institutional investors,” Sebi said in the paper.

Under the proposal, research analysts would continue maintaining all other communication records with institutional clients, including emails, written records and SMS communication, but telephone call recording would no longer be mandatory.

However, the requirement to maintain full records, including call recordings, would continue unchanged for retail clients.

Sebi said the move is intended to create a more “risk-proportionate approach” while lowering operational and compliance costs for research analysts.

The regulator has also proposed formally defining “institutional investor” under the Research Analysts Regulations by linking it to the definition already provided under SEBI’s ICDR Regulations.

The proposed changes would affect interactions involving institutional investors such as mutual funds, insurance companies, pension funds, banks and qualified institutional buyers.

The consultation paper also highlighted that research analysts differ from investment advisers because their services do not typically involve personalised investment recommendations or direct execution of trades.

Industry participants have increasingly raised concerns over the operational complexity and storage costs associated with maintaining large volumes of recorded conversations, particularly for institutional interactions where communication often takes place frequently across teams and platforms.

Sebi move comes as the regulator continues broader efforts to simplify compliance processes across various market intermediaries while retaining core investor protection safeguards.

Shares of ideaForge Technology Limited witnessed significant bulk deal activity on Tuesday, with multiple institutional investors picking up stakes in the company. Leading the transactions, BNP Paribas, through its affiliate BNP Paribas Financial Markets, bought over 5 lakh shares worth approximately Rs 39 crore at Rs 783.29 apiece.

In addition to BNP Paribas, several other investors were active on the buy side. QE Securities LLP acquired 3.4 lakh shares at Rs 779.23 per share, while NK Securities Research Private Limited picked up a similar quantity at Rs 777.94 per share, translating into deals worth around Rs 26 crore. HRTI Private Limited purchased 4.55 lakh shares at Rs 776.98 apiece, and Junomoneta Finsol Private Limited bought 3.49 lakh shares at Rs 780.2 per share.

The bulk deals were executed within a narrow price band of Rs 776 – Rs 783 per share, indicating strong demand for the stock at current levels. The concentrated buying activity highlights growing investor interest in the company, particularly amid increasing focus on defence and drone-related businesses.

Following the bulk deal activity, the stock saw strong traction in the market, reflecting positive sentiment around the counter.

Ideaforge Technology shares ended at Rs 804.10, up by Rs 73.10 or 10% over the Monday closing price.

Shares of ideaForge have given multibagger returns of 111% over a one-year period compared to negative 1% returns by Nifty and negative 4% by the BSE Sensex.

The stock is currently trading above its 50-day and 200-day simple moving average (SMA) of Rs 457 and Rs 468, respectively, according to Trendlyne data.Also read: Adani Ports, Tata Motors and Siemens Energy witness block deal action on Monday

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

Block deal activity gathered pace on Monday, led by heavy institutional flows into Adani Ports and Special Economic Zone (APSEZ), where global funds collectively invested over Rs 7,400 crore. There were smaller block deals in stocks line Tata Motors (TMCV) and Siemens Energy India.

In APSEZ, Capital Group International All Countries Equity Trust acquired 2.46 crore shares worth Rs 4,021 crore at Rs 1,632.45 apiece. It was joined by Capital Income Builder, which bought shares worth Rs 617 crore, and Europacific Growth Fund, which picked up shares valued at Rs 2,848 crore. The seller in all these transactions was Worldwide Emerging Market Holding Limited, indicating a sizeable stake transfer between institutional investors.

In TMCV, BNP Paribas purchase 7.18 lakh shares worth Rs 29 crore at Rs 405.80 each, while Goldman Sachs offloaded an equivalent stake. Similarly, Siemens Energy India witnessed a Rs 29 crore block deal, with BNP Paribas acquiring 89,240 shares at Rs 3,256.80 apiece from Goldman Sachs Bank Europe SE.

Adani Ports shares today ended at Rs 1,742.60, gaining by Rs 85.30 or 5.15%. The stock today hit its 52-week high of Rs 1,748.60 on the NSE. APSEZ shares have gained nearly 40% over the past 12 months.

Shares of Tata Motors today ended at Rs 412.90, gaining by Rs 3 or 0.73% while Siemens Energy India settled at Rs 3,320.70, gaining 41.90 or 1.28%.

Domestic stock markets ended higher on Monday with BJP all set to win states of West Bengal and Assam and wrest back the Union Territory of Puducherry. Sectorally, financials, pharma and metal let the bulls. While the 50-stock Nifty surged 121.75 points or 0.51% to finish at 24,119.30, Sensex gained 0.46% points or 355.90 points to settle at 77,269.40.

Also read: Mauritius-based entity sells Rs 289 crore worth shares in Emcure Pharmaceuticals via block deal; Norges Bank acquirer

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

ITC shares will be in focus on Tuesday after US-based investment firm GQG Partners increased its stake in the company to 5.47% through a bulk deal on May 28. The move follows British American Tobacco’s (BAT) recent partial stake sale.

In a regulatory filing, GQG disclosed that it had acquired an additional 0.51% stake in ITC, taking its total holding to 5.47% of the company’s paid-up capital. Prior to this, GQG and persons acting in concert (PACs) held a 4.96% stake. The deal was executed on May 28 and settled on May 29.

GQG Partners LLC, led by Rajiv Jain, acted as the investment manager for the acquiring entities. The shares purchased are fully paid-up equity shares with a face value of Rs 1 each.

The acquisition comes shortly after BAT, ITC’s largest shareholder, offloaded a 2.5% stake for approximately Rs 12,900 crore via block deals. This reduced BAT’s holding in ITC from 25.4% to 22.9%. BAT said the proceeds from the sale would support its £1.1 billion share buyback programme for 2025.

This isn’t the first time BAT has pared its stake in ITC. In March 2023, the UK-based tobacco giant sold a 3.5% stake to institutional investors via block deals.

Also Read: Technical picks: HDFC Life, Pidilite Industries among 5 stocks that can rally up to 20% in short term

ITC, a diversified conglomerate headquartered in Kolkata, operates across sectors such as FMCG, hotels, paperboards, packaging, and agribusiness. Its stock is widely held by both domestic and foreign institutional investors and is considered a core holding in many long-term portfolios.

With GQG’s latest purchase, market watchers believe institutional interest in ITC remains strong, even as legacy shareholders like BAT unlock value. Analysts suggest this increased participation could enhance liquidity and strengthen ITC’s positioning among global funds.

ITC share price target

According to Trendlyne, the average target price for ITC is Rs 501, implying a potential upside of nearly 19% from current levels. Among the 37 analysts tracking the stock, the consensus rating is ‘Strong Buy’.

ITC shares are down 8% year-to-date but have gained 62% over the past three years. The company’s current market capitalisation stands at Rs 5,24,779 crore.

Also Read: India’s top 10 priciest stocks in 2025: MRF to Elcid, see who tops the list

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

Selling of Indian equities by the Foreign Portfolio Investors (FPIs) continued in the first fortnight of March where they sold shares worth Rs 30,015 crore. The total FII selling in this year so far has been at Rs 1,42,616 crore.

In January, FPIs sold shares worth Rs 78,027 crore and followed it up with a sell-off amounting to Rs 34,574 crore in February.

Friday was a trading holiday on account of Holi festival.

On Thursday, the Foreign Institutional Investors (FIIs) sold Indian equities worth Rs 793 crore while the Domestic Institutional Investors (DIIs) were net buyers at Rs 1,724 crore.

Commenting on the existing FII/FPI trends, expert V K Vijayakumar, who is Chief Investment Strategist at Geojit Financial Services that the intensity of selling is slowly declining as valuations are becoming reasonable though the trend of FII selling in India continued in early March, too.

“The FPI outflows from India have been mainly going into Chinese stocks which have been outperforming other markets in 2025. The recent decline in the dollar index will limit the fund flows to the US. However, the heightened uncertainty triggered by the trade war between the US and other nations is likely to push more money into safe asset classes like gold and dollar,” Vijayakumar said.

Also Read: BSE500 slumps 1.3% week-on-week led by IndusInd Bank crash. IT worst sectoral performer

Nifty finished at 22,397.2 on Thursday, falling by 73.30 points or 0.33%. On a weekly basis, the heartbeat index registered a decline of 0.7%.

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

The shares of Vedanta’s subsidiary Hindustan Zinc fell 1.5% to Rs 420.05 on the BSE on Tuesday after the company announced the issuance of Rs 500 crore worth of non-convertible debentures (NCDs) through a private placement.

The company’s Board of Directors approved the proposal during a recent meeting, reinforcing its commitment to raising capital through debt instruments without diluting shareholder equity.

“We hereby inform that the duly authorized Committee of Directors at its meeting held today i.e., Monday, March 10, 2025, has considered and approved the issuance of unsecured, redeemable, rated, listed, non-convertible debentures (“NCDs” or “ Debentures”) aggregating up to Rs 500 Crore, which NCDs are to be issued in following three separately transferable and redeemable principal parts,” the company informed.

The unsecured, rated, listed, and redeemable NCDs will be issued in three separate tranches under STRPPs (Separately Transferable Redeemable Principal Parts):

STRPP 1: Rs 100 croreSTRPP 2: Rs 100 crore

STRPP 3: Rs 300 crore (including STRPP 1 and STRPP 2)

The cumulative amount of the STRPPs will not exceed Rs 500 crore.

The issuance will be conducted through a private placement, targeting institutional investors and high-net-worth individuals (HNIs). A total of up to 50,000 debentures will be offered across all tranches, comprising 10,000 STRPP 1 debentures, 10,000 STRPP 2 debentures, and 30,000 STRPP 3 debentures.

Also read: IndusInd Bank shares in focus after 2.35% net worth impact from derivatives review

This structured debt offering is expected to enhance liquidity and financial flexibility, allowing the company to efficiently manage its capital requirements and fund expansion plans. As the debentures are rated and listed, they provide an attractive investment opportunity with fixed interest payouts and principal security.

The shares of Hindustan Zinc closed 0.55% lower at Rs 426.70 on the BSE on Monday.

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