Ahmedabad, July 3: Global institutions and India’s largest mutual funds have backed multiple Adani Group companies, marking a sharp turnaround in investor sentiment.

Adani Group has emerged as one of the biggest draws for institutional investors over the past year, attracting around Rs 40,000 crore of fresh equity into its flagship company alone while also seeing marquee global and domestic investors increase their exposure across several listed entities.

Adani Enterprises Ltd (AEL) this week upsized its qualified institutional placement (QIP) to Rs 15,000 crore after receiving bids worth about Rs 38,000 crore, or 3.8 times the base issue size. The fundraising comes less than a year after the company’s Rs 25,000 crore rights issue, taking its total equity capital raised over the past year to about Rs 40,000 crore.

The latest offering attracted some of the world’s largest institutional investors, including Capital Group, Goldman Sachs, BlackRock, Blackstone, and Nomura. Domestic participation was equally broad-based, with HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Aditya Birla Sun Life Mutual Fund, SBI Mutual Fund and Tata Mutual Fund among the investors.

People familiar with the transaction said the order book was fully covered before the issue formally opened, with bankers describing investors as “clamouring for allocations.” The company launched the QIP with a base size of Rs 10,000 crore before increasing it to Rs 15,000 crore on the back of strong demand.

The fundraising is the latest sign of a sharp shift in investor sentiment toward the Adani Group. After a period when Adani stocks were among the least preferred by several institutional investors, they have become some of the most sought-after names among both global funds and domestic asset managers.

Over the past year, leading institutional investors have participated in fundraisings and secondary transactions across companies including Adani Power, Adani Ports & SEZ, Adani Energy Solutions and Adani Green Energy, alongside Adani Enterprises. The lineup of investors has consistently featured some of the world’s largest asset managers and nearly every major domestic mutual fund, reflecting growing conviction in the group’s long-term investment pipeline.

The latest demand also comes despite a US federal judge pausing the formal dismissal of criminal charges against the Adani Group Chairman Gautam Adani and directing the Department of Justice to justify its decision to withdraw the case. The strong institutional participation suggests investors have remained focused on the group’s operating businesses, capital allocation, and growth prospects.

Adani Enterprises, the group’s flagship incubator, is expanding businesses spanning airports, AI and data centres, solar and wind equipment manufacturing, roads, PVC, metals and mining. A day before the QIP, the company announced an $11.5 billion investment with IHC to establish India’s largest aluminium manufacturing project, marking the biggest foreign direct investment announced in India’s metals and mining sector.

Mumbai, July 3: Indian equity markets opened higher on Friday amid mixed global cues, with benchmark indices rising nearly 1 per cent each as buying was led by IT, metal, pharma and chemical stocks.

Sensex began session at 78,152.34, up 650 points or 0.84 per cent, while Nifty opened around 200 points or 0.83 per cent higher at 24,375.65.

Sector-wise, Nifty IT surged nearly 2 per cent, while Nifty Metal gained 1.66 per cent. Nifty MidSmall IT & Telecom, Chemicals and Pharma indices advanced over 1 per cent, 0.82 per cent and 0.72 per cent, respectively.

In contrast, the Nifty PSU Bank index declined 0.87 per cent.

Among Nifty 50 constituents, Tata Motors Passenger Vehicles (TMPV), NTPC, SBI and Axis Bank were the top losers.

The broader market remained firm, with Nifty Smallcap 50 and Nifty Smallcap 100 indices rising 0.48 per cent and 0.46 per cent, respectively. Nifty 100 gained 0.46 per cent, while Nifty 500 advanced 0.41 per cent.

India VIX — the volatility index — fell 1.62 per cent to 12.09.

According to market experts, the near-term outlook remains cautiously optimistic.

For the Nifty, sustained strength above the 24,000 mark keeps the broader trend positive, with immediate resistance seen at 24,300, followed by 24,450, they said.

On the downside, 24,050 remains a key support level, while a breach could trigger a corrective move towards 23,900.

They added that investors should remain watchful of the ongoing global technology sell-off, as renewed weakness in semiconductor stocks could prompt profit booking after the recent sharp rally in domestic IT names.

International oil benchmark Brent crude rose 0.77 per cent to $72.36 per barrel, while US West Texas Intermediate (WTI) crude gained 0.68 per cent but remained below $70 per barrel.

In Asian markets, shares traded largely higher, with the Nikkei, Hang Seng and KOSPI rising up to 3 per cent.

Wall Street ended lower overnight amid selling in technology shares. The Nasdaq declined 0.80 per cent, while the S&P 500 closed flat.

New Delhi, July 2: The West Asia crisis is transforming Indians’ travel preferences with a hastened shift to electric vehicles (EV) and EV penetration could save Rs 1 lakh crore of import bill with a 20 per cent adoption rate by 2030 from the current 10 per cent, an SBI Research report said on Thursday.

With the onset of the US-Iran war on February 28, the registration of EVs have jumped significantly in India. From average 1.3 lakh registration in 2025, the March-June period exhibited average 2.3 lakh registrations — a whopping 1 lakh more compared to 2025 average.

“At the current rate, we believe, total EV registrations may cross 25 lakh mark in 2026,” said the report.

The penetration of pure EV is continuously rising in overall registration. From merely less than 2 per cent share in 2024, the registration share of pure EV has reached more than 8 per cent share in 2026 to date. In some states, the penetration of pure EV has crossed more than 10 per cent share

India has 29,151 charging stations. Two states (Karnataka and Maharashtra) accounted for 35 per cent of overall charging stations, said the report.

As per new EV policy, the Delhi government plans to install 32,000 charging points infrastructure within the next four years.

“The success of EV will largely depend upon the availability of charging stations,” said the report.

From the current level of 2.86 crore vehicle registered in India (2025), “our projections indicate that by 2030, 4 crore vehicles are going to register. We also estimate that out of these 4 crore vehicles, 20 per cent are EVs (80 lakh from the 2025 level of 15.7 lakh),” the report projected.

“Our estimate indicate that during the four-year period of 2027-2030, 35 lakh more EVs are expected to replace the petrol vehicles (as compared to current BAU scenario),” it added.

In this regard, Delhi’s new EV policy is commendable.

A purchase incentive will be provided to two-wheeler vehicles in the first three years (cumulative: Rs 60,000). For three wheelers, the incentives are Rs 1,20,000 cumulatively. N1 commercial trucks will be provided with a subsidy of Rs 1 lakh in the first year. Delhi also offers 100 per cent waiver on road tax and one-time registration fees for eligible EVs.