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Market Value Of LIC Investment In Adani Stocks Hits Rs 44,670 Crore

After Expert Panel's Clean Chit To Adani Group, Big Questions For Congress


LIC’s biggest bet is Adani Ports & SEZ Ltd where it holds 9.12 per cent shares.

New Delhi:

Market value of investments made by state-owned Life Insurance Corporation of India (LIC) in seven companies of the Adani group has swelled to Rs 44,670 crore as stock prices rose this week.

The country’s largest insurer and leading institutional investor in the Adani group has seen the market value of its holdings in Adani stocks increase by around Rs 5,500 crore since April, stock exchange data showed.

LIC’s biggest bet is Adani Ports & SEZ Ltd where it holds 9.12 per cent shares. At Wednesday’s closing price of Rs 717.95 on the BSE, that holding is worth Rs 14,145 crore.

Its 4.25 per cent stake the group’s flagship Adani Enterprises Ltd is worth Rs 12,017 crore at Wednesday’s closing price of Rs 2,476.90.

LIC holds stocks worth about Rs 10,500 crore in city gas distribution firm Adani Total Gas Ltd and Ambuja Cement. Other Adani group firms where LIC holds stakes are Adani Transmission Ltd, Adani Green Energy Ltd and ACC.

Adani stocks have been on the recovery path since the group helmed by billionaire Gautam Adani put in place a comeback strategy that includes repaying some debt, buying back some bonds, infusion of fresh investment by way of a nearly USD 2 billion stake buy by a private equity investor, and a planned Rs 21,000 crore fundraising by two group companies.

Stocks have risen after a Supreme Court-appointed expert committee said it has found no evidence of stock price manipulation in Adani group companies while a separate probe by SEBI into alleged violation in money flows from offshore entities has “drawn a blank”.

On January 30, LIC stated that the total purchase value of equity under all Adani group companies was Rs 30,127 crore and the market value for the same on January 27, 2023 was Rs 56,142 crore.

However, with the slump in Adani group share prices, the value of LIC’s investment turned negative and stood at nearly Rs 27,000 crore, as of February 23.

Adani group stocks recouped most of the losses in the recent rally, helping LIC.

As of March 31, 2023, LIC held a 9.12 per cent stake in Adani Ports & SEZ; 4.26 per cent stake in Adani Enterprises; 6.41 per cent in ACC; 6.3 per cent in Ambuja Cements; 6.02 per cent in Adani Total Gas; 3.68 per cent in Adani Transmission and 1.36 per cent stake in Adani Green Energy.
 

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)



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On SC ruling on Adani row, Congress says any committee other than JPC an exercise in legitimisation, exoneration


THE SUPREME Court’s direction to the SEBI to probe within two months allegations of stock price manipulation by the Adani group and any lapses in regulatory disclosures did not enthuse the Congress, which asserted that only an investigation by the Joint Parliamentary Committee can bring out the truth and industrialist Gautam Adani’s relationship with the Prime Minister.

The party said it would continue to raise the demand in Parliament when it reconvenes on March 13. “If the Prime Minister and his government are to be held accountable, any committee other than a JPC will be nothing but an exercise in legitimization and exoneration,” Congress communication head Jairam Ramesh said.

He said the probe by a SEBI committee will be limited to violation of the regulator’s laws and regulations and issues like investor protection but the Adani issue is much more than that. “The Supreme Court committee is only of limited relevance in the context of what this controversy is all about,” he said.

“In the Adani case, the Supreme Court committee is limited only to the investigation of violations of SEBI law and regulation. The truth of what has been the relationship between Prime Minister Modi and (Gautam) Adani will never come to the fore if JPC is not formed,” he said.

“We are demanding the setting up of a JPC which has powers to procure information from any institution….can summon anyone. The questions that we are asking cannot be answered by an expert committee. Those questions can only be answered by a JPC. Will the Supreme Court committee answer how it is that Mr Adani got the contract for running six airports when the recommendation of the Department of Economic Affairs…was that one bidder should not get more than two airports… Will the Supreme Court committee answer this question?,” he asked.





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AAP to protest outside BJP headquarters in Delhi over Adani issue


After leading a walkout over the issue from the Rajya Sabha earlier this week, the Aam Aadmi Party (AAP) will hit the streets in Delhi Sunday with its demand for a Joint Parliamentary Committee (JPC) probe into businessman Gautam Adani’s alleged misdemeanours.

The party is scheduled to protest outside the Bharatiya Janata Party (BJP)’s headquarters on Deen Dayal Upadhyay Marg at noon.

AAP RS MP Sanjay Singh had, along with Bharat Rashtra Samithi’s K Keshav Rao, on Thursday, given a suspension notice under Rule 267 demanding a discussion on the row with Adani at its core. It was, however, rejected by Rajya Sabha Chairman and Vice-President Jagdeep Dhankhar.

Singh had given a similar notice demanding suspension of business to discuss the loss to public sector banks and the LIC, after the Hindenburg report, on Wednesday which too had been rejected by Dhankhar.

Leader of Opposition Mallikarjun Kharge had, on the same day, attacked the BJP-led Centre over the issue and dared it to a JPC if it was not afraid of the findings.





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