A majority of Adani Group stocks were up in Wednesday's (October 4) trade after it was reported that UAE-based International Holding Company (IHC) has increased stake in the Adani group flagship Adani Enterprises to over 5 percent.

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As of June 2023 end, IHC, through its subsidiary Green Enterprises Investment Holding Rsc Ltd, held a 3.53 percent stake in the Adani group flagship company. However, this increased to 4.98 percent during the quarter ending September.

IHC-owned entity Green Vitality RSC acquired 6,43,134 shares of Adani Enterprises, which represents a 0.1 percebt stake through the open market on October 3.

Following the acquisition, IHC’s cumulative holding in Adani Enterprises rose to 5.04 percent.

In a regulatory filing post market hours yesterday, the Adani group company said it views IHC's increased stake as a "ringing endorsement" of its robust capex plans, governance and transparency.

"This inter-generational relationship with IHC reflects well on India's dynamic growth potential and offers substantial returns to our stakeholders," the statement read.

Meanwhile, IHC said that the increased stake reflects its conviction in the world leading incubation model of Adani Enterprises. the Abu Dhabi-based company said the inherent strength of Adani Enterprises' airports, green hydrogen, data centres and many other verticals can help the Adani group company capitalise on India’s robust growth journey. IHC said it continues to explore unique investment opportunities in India with the goal to maximise stakeholders’ return.

While IHC has increased its stake in Adani Enterprises, the company, last week, exited Adani Green Energy and Adani Energy Solutions.

Shares of Adani Enterprises rallied 4.8 percent to hit a day's high of Rs 2,502.75 apiece on the NSE. The stock tumbled 30 percent since a January 24 report by US-based short seller Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation. The conglomerate backed by Adani denied all allegations.

Adani Transmission and Adani Green Energy surged 2 percent each on Wednesday, while Adani Wilmar shares gained 9 percent.

Adani Power and Adani Total Gas, on the other hand, rose 3 percent respectively. Also, Adani Ports and Special Economic Zone climbed 1.65 percent.