Shares of Adani Enterprises, Adani Green and few other group stocks will be in focus following a sharp 20% fall on Thursday due to US indictment against Gautam Adani.
Posts in category Economic Times
Asian stocks, Bitcoin up after Wall Street climbs (22-11-2024)
Shares in Australia and Japan advanced. An index of US-listed Chinese stocks fell 1% Thursday, running against the grain of trading in New York but partly reflecting selling in Hong Kong stocks in their most recent session.
Rupee slides to all-time low due to outflows from local stocks (22-11-2024)
The rupee closed at its all-time low of 84.4925 per US dollar, down nearly 0.1% on Thursday. On an intraday basis, the local currency touched a record low of 84.495/$1, LSEG data showed.
Goldman Sachs sets Nifty target at 27,000 in 2025 (22-11-2024)
Goldman’s 12-month target of 27,000 on the Nifty implies an upside of 15.6% over Thursday’s closing price of 23,349.90. The index fell 168.60 points or 0.7%. Goldman said the risk of derating in Indian equities remains even after the recent drop as valuations are still high. The estimated price to earnings ratio for MSCI India is at 23 times, above its 10-year mean and above its ‘fair value’ estimate of 21 times.
Crizac, Belrise file papers for IPO (22-11-2024)
Automotive component manufacturing company Belrise Industries’ IPO comprises solely a fresh issue of ₹2,150 crore.
Adani bonds fall, Vedanta’s issue may also face delay (22-11-2024)
Adani Green Energy’s March-issued bond offering 6.7% dropped as much as 15 cents, trading at 78/79 cents on the dollar in the early trades. This saw some recovery and closed at 82/83 cents from 94 cents Wednesday.
GQG loses Rs 8,170 cr on Adani shares; also skids 20% on Australian bourse (22-11-2024)
Shares of GQG Partners plunged 20% on the ASX (Australian Securities Exchange) on Thursday, eroding nearly ₹8,100 crore (approx. US $950 million) or 16% of its market value.
Bitcoin climbs closer to $100,000 (22-11-2024)
Bitcoin has more than doubled in value this year and is up about 40% in the two weeks since Trump was voted in as the next US president and a slew of pro-crypto lawmakers were elected to Congress.
DoJ claims Adanis gave inaccurate info to investors, false declarations to exchanges (22-11-2024)
On March 17, 2024, the conglomerate’s corporate finance head had sent correspondence to a financial institution, with Sagar Adani in copy, stating that media coverage of the investigation by US prosecutors was “baseless,” “malicious” and “defamatory,” according to the indictment papers.
Heat’s now on for PSU banks with Adani Group exposure (22-11-2024)
Indian lenders account for more than ₹88,000 crore of the Adani Group’s total debt of ₹2.41 lakh crore as of March 31, 2024, according to a group presentation. Following the Hindenburg report in January 2023, several Indian banks and financial institutions had disclosed their exposure to the Adani Group.