After buying in Adani firms, Rajiv Jain’s GQG Partners sell shares worth ₹397 cr in HDFC AMC

Just a few weeks after making one of the largest investments in Adani Group’s firms, Rajiv Jain-backed GQG Partners has sold equity shares worth nearly 397 crore in HDFC AMC through a bulk deal on NSE. On the other hand, SBI Mutual Fund buys shares worth nearly 757.41 crore in the HDFC-backed mutual fund company.

As per the bulk deal, on NSE, GQQ Partners Emerging Markets Equity Fund sold 24,78,905 equity shares at 1600.85 per share in HDFC AMC — aggregating to 396.84 crore.

Meanwhile, in the bulk deal, SBI MF purchased 47,33,788 equity shares at 1,600 apiece in HDFC AMC — aggregating to 757.41 crore.

On NSE, HDFC AMC’s stock price closed at 1,681 apiece marginally up on Monday from the previous closing of 1,678.15 apiece. The stock touched a new 52-week low of 1,589.50 apiece.

In the initial days of March, Rajiv Jain’s GQG which is the leading US-based global equity investment boutiques, made one of the largest mega buying in an open market in Adani Group stocks.

GQG bought 15,446 crore in a series of secondary block deals in Adani Enterprises, Adani Green Energy, Adani Ports, and Adani Total Gas.

With this 15,446 crore investment, GQG becomes a key investor in the development and growth of critical Indian infrastructure.

Coming to HDFC AMC, JM Financial recently set a ‘Buy’ recommendation with a target price of 2,550 apiece on the company.

Also, Prabhudas Lilladher in its recent report said, «Post-merger, HDFCAMC could gain more share of gross MF sales by HDFCB, as currently it accounts for only 25% (peers at 70-98%). Better asset mix and cost control led to healthy profitability with operating yields at 36bps which should sustain. Valuation is at 22.5x FY25E core EPS; we assign a multiple of 27x to arrive at TP of Rs2100.

In Q3FY23, HDFC AMC reported 3% YoY growth in net profit to 369.5 crore, while its revenue climbed by 2% YoY to 559.6 crore. Its operating profit from the core asset management business saw muted performance to 397.4 crore.

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