Despite Market Rout, EPFO Continues to Invest in Two Adani Stocks
Adani Group companies – Adani Enterprises and Adani Ports and Special Economic Zone are still getting EPFO as their constant investor.
Mumbai, March 27: While Adani Group is still trying to contain the bloodbath caused by the US-based short seller Hindenburg's explosive report, India's largest retirement fund — the Employees’ Provident Fund Organisation (EPFO) is still investing in two stocks of Gautam Adani-owned companies. Adani Group companies – Adani Enterprises and Adani Ports and Special Economic Zone are still getting EPFO as their constant investor. Gujarat Government Paid Rs 16,900 Crore in Two Years to Adani Power, Tata Power To Buy Electricity.
According to a report by The Hindu, EPFO invests 15 percent of its corpus into exchange-traded funds (ETFs) linked to the NSE Nifty 50 and the BSE Sensex. As of March last year, EPFO had invested Rs. 1.57 lakh crore in ETFs. It put in another Rs. 8,000 crores in FY23, the report added. Adani Ports and SEZ (APSEZ) has been part of the Nifty 50 since September 2015, a month after the EPFO first opened up to equity investments. Shares of Eight Adani Group Firms Settle With Gains; Adani Enterprises Rallies Over 5%.
Meanwhile, the report further said that the Employees' Provident Fund Organisation will keep putting money into two stocks owned by Adani Group for at least till September this year unless its trustees rethink their investment approach when they meet this week at its two-day meeting beginning on Monday afternoon.
(The above story first appeared on LatestLY on Mar 27, 2023 11:19 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).