Adani Enterprises share: Edelweiss Mutual Fund raises stake in January 2023. Should you buy?
3 min read 17 Feb 2023, 09:23 AM ISTAs on 31st January 2023, Edelweiss Mutual Fund holds 1,11,576 Adani Enterprises shares, which is 0.01 per cent of total paid up capital of the flagship Adani group company
PremiumAdani Enterprises share: Despite heavy sell off in Adani Enterprises shares after US-based shot seller Hindenburg Research report raised concern over debt positioning of Adani group companies. However, it seems that the short seller's report has failed to impact quality asset management companies. In January 2023, Edelweiss Mutual Fund has raised stake in flagship Adani group company Adani Enterprises Ltd. As on 31st December 2022, Edelweiss Mutual Fund was holding paltry 1,034 Adani Enterprises shares that surged to 1,11,576 Adani Enterprises shares on 31st January 2023. This investment in Adani Enterprises has been done through Edelweiss MF index funds.
According to stock market experts, after this much of beating, high risk investors can invest in core business of Gautam Adani-backed companies. They said that one can hold Adani Enterprises shares as most of the business activity takes place in this flagship Adani group company. They said that Adani Enterprises share price has support placed at ₹1000 apiece levels whereas it is facing resistance at ₹2,350 per share levels.
Suggesting high risk investors to hold Adani Enterprises shares, Sandeep Pandey, Director at Basav Capital said, "After the Q3 results for the current fiscal, high risk investors can think of holding flagship Adani group companies that make core of the company's business. As most of the business activity in the group takes place at Adani Enterprises Ltd one can hold Adani Enterprises shares for long term."
Asking Adani Enterprises shareholders to keep an eye on pivot instead of the volatility in the stock, Anuj Gupta, Vice President — Research at IIFL Securities said, "After Hindenburg Research report on Adani group companies, most of the Adani stocks are highly volatile, which includes Adani Enterprises shares. Currently, this Adani stock has support placed at ₹1,000 and has hurdle placed at ₹2,350 apiece levels. So, those who have this stock in their portfolio can keep on accumulating on big dips."
Amid Hindenburg rout, Adani Enterprises share price has slipped from ₹3,442 per share levels to ₹1,796 apiece levels, losing 48 per cent in near three weeks. However, the stock has been stable after the third quarter numbers for current fiscal and the Adani group stock has been able to regain its lost ground as well.
Disclaimer: .he views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
