US-based GQG Partners, which recently bought Adani group stocks, has been steadily increasing its stake in the diversified conglomerate, ITC Ltd.

For the quarter ended March 2023, GQG Partners Emerging Markets Equity Fund’s stake in ITC stood at 1.44 per cent, up from 1.29 per cent in Q3 FY23. It has been steadily increasing its stake from 1.10 per cent in June 2022 and 1.15 per cent in September 2022, according to data available with the BSE.

GQG Partners Emerging Markets Equity Fund holds 17,87,71,863 shares in the company, the latest shareholding pattern ending March 2023 revealed. It held 15,95,99,760 shares in December 2022. Foreign portfolio investors category I increased its stake to 12.86 per cent as on March 2023, up from 12.51 per cent in December 2022.

Also read: GQG sees $2-billion Adani bet delivering returns of over 100 per cent

Mutual funds have a combined stake of 9.47 per cent while insurance companies hold 20.39 per cent in ITC as on March 2023. While the ITC scrip touched a 52-week high of ₹402 on the BSE on Monday, the stock closed at ₹398.45, down by 0.44 per cent on the BSE on Tuesday.

Robust numbers

According to a latest sector update by Nuvama Institutional Equities, ITC will continue to report robust numbers in cigarettes with an estimated 11 per cent growth in volume terms on a year-on-year basis. In terms of model consumer portfolio, ITC enjoys a 30 per cent weightage.

“We expect consolidated revenue to grow by 5.1 per cent y-o-y. EBITDA/PAT is expected to grow by 20.3 per cent/15.9 per cent y-o-y,” the report said.

The Adani group had recently sold minority stakes in four of its listed companies — Adani Ports and Special Economic Zone Ltd (APSEZ), Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL) — to GQG Partners for ₹15,446 crore through secondary market block deals.

Related Topics
comment COMMENT NOW