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EPFO continues to invest in these two Adani group stocks despite stock market rout

 

After Adani Group shares plunged $100 billion in the wake of an explosive report from US-based short seller Hindenburg, many large investors are reducing their exposure to Adani Group. But retirement fund body EPFO ​​has continued to invest in two Adani Group companies – Adani Enterprises and Adani Ports and Special Economic Zone – even as billionaire Gautam Adani’s beleaguered empire plunges into trouble.

The Employees’ Provident Fund Organization will continue to do so at least till September this year, unless its trustees reconsider their investment approach when they meet this week, according to a report. Hindu,

The retirement fund body invests 15 per cent of its corpus in Exchange Traded Funds (ETFs) linked to NSE Nifty 50 and BSE Sensex.

EPFO had invested till March last year 1.57 lakh crore in ETFs. put it in another 8,000 crore in FY23, the report said.

EPFO’s apex decision-making body Central Board of Trustees (CBT) began its two-day meeting on Monday.

EPFO may announce interest rate on Employees’ Provident Fund (EPF) deposits for 2022-23 in its two-day meeting.

The EPFO ​​had in March 2022 reduced the interest on EPF for its nearly five crore subscribers from 8.5 per cent in 2020-21 to a four-decade low of 8.1 per cent for 2021-22.

This was the lowest since 1977-78, when the EPF interest rate was 8 per cent.

A source said, “The Central Board of Trustees (CBT), the apex decision-making body of the Employees’ Provident Fund Organization (EPFO), is likely to decide the interest rate on EPF for 2022-23 in its two-day meeting starting Monday afternoon. ” PTI,

Apart from the interest rate, the CBT will also discuss the annual accounts of EPFO ​​for 2022-23.

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