Adani Energy was among the top buys for mutual funds in August, ACC’s top decline by this MF

Mutual funds in August estimated Adani Energy Solutions at Rs. 1,330 crore worth 1.6 crore shares were bought, Nuwama Institutional Equities said in a note. Other Adani Group holdings include Adani Ports and Special Economic Zone (APSEZ), Ambuja Cements and ACC.

Major additions to SBI Mutual Fund include Adani Energy, as the former added Rs. Bought 73.73 lakh shares in the power transmission company at an estimated cost of Rs 743 crore.

Tata MF also bought 24.75 lakh shares of Adani Energy at Rs. 249 crores was bought at an estimated price.

The report also named APSEZ among the top new entries for Nippon MF, although details of the transaction were not disclosed. According to Nuwama, the stock was also among the top buys by HDFC MF, though details were not disclosed.

Invesco MF buys Adani Enterprises Rs. 11.20 lakh shares were added at a cost of Rs 338 crore. The same fund house has invested Rs. 240 crore worth 38.93 lakh shares were also bought.

Meanwhile, Aditya Birla Sun Life MF divested its holding in ACC. He paid Rs. 157 crore sold 6.72 lakh shares. The mutual fund holds 1.54% stake in cement maker ACC as on June 30, 2024.

Shares of Adani Energy Solutions have been a bear market over the past one year with a return of 15% against 25% given by the Nifty over the same period. The share price has fallen 7% so far in 2024.

One-year returns by Adani Ports, Adani Enterprises, Ambuja and ACC are 71%, 18%, 41% and 24% respectively.

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