Sudarshan Murthy News Today

(Bloomberg) -- The rebound in Chinese stocks is puzzling given the lack of support from earnings growth, according to an emerging markets fund manager at GQG Partners LLC.Most Read from BloombergTrump Warns of Big Losses From Asset Sales During Property SlumpNYCB Flags Weaknesses in Loan Oversight and Names New CEOIndia’s Blowout GDP Based on Data Distortion That Masks SlowdownFed’s Preferred Inflation Metric Increases by Most in a YearIt’s difficult to ascertain the state o...

While GQG has made several investments in India in the past, the decision to invest in the Adani Group marked a turning point. Despite lingering concerns regarding its exit strategy, the fund says its under no pressure from its investors.

The Gautam Adani-led group has recovered more than two-thirds of the market capitalization that it lost post Hinderburg.

The fund’s initial investment of $1.9 billion in March has ballooned to $10 billion in value, helped by market gains and additional stakes, according to fund manager Sudarshan Murthy.

The sharp rebound in listed stocks of Indian billionaire Gautam Adani has proved to be a windfall for the emerging-market investor, just nine months after his firm GQG Partners Inc. bought into the Indian conglomerate.

Jain acquired Adani shares weeks after the brutal shortseller report

Jains investment — it came near the trough of the Adani stock meltdown — has been boosted by a rally in this week after the conglomerates green energy unit secured a $1.4 billion loan and a Bloomberg News report said US government found shortseller Hindenburg Researchs allegations irrelevant while advancing a $553 loan for Adani Ports and Special Economic Zone Ltd.s Sri Lanka project.

ITC shares: Data showed Jain-led GQG Partners Emerging Markets Equity Fund, which has 33 per cent weight assigned to India, upped stake in cigarette maker ITC to 17,87,71,863 shares or 1.44 per cent in the March quarter.

One fund manager believes that India’s domestic market makes the country well-positioned to withstand a global recession.

India is best positioned among emerging nations to withstand a global recession, as a thriving domestic market makes it less dependent on exports, according to US-based GQG Partners LLC.