Ten out of the 11 Adani stocks fell 6% to 24% in Thursday’s trading. Shares of the flagship company Adani Enterprises declined the most at 23.44%, and Adani Energy Solutions and Adani Wilmar plunged 20% and 10%, respectively.
Posts in category Economic Times
Long way before charges against billionaire Gautam Adani are framed (21-11-2024)
The US Department of Justice has indicted billionaire Gautam Adani and seven others on charges of bribery, fraud, and obstruction of justice. The indictment alleges a scheme to bribe Indian officials and defraud US investors. Adani maintains his innocence, and the case will now proceed to trial.
Stable inflation is important to sustain growth: RBI Guv Das (21-11-2024)
RBI Governor Shaktikanta Das reaffirmed the central bank’s commitment to achieving the 4% inflation target, effectively ruling out immediate rate cuts. His comments come amidst calls for rate reductions from government officials. While acknowledging the need for growth, Das emphasized price stability as crucial for sustainable economic progress, particularly for the Global South.
Ahead of Market: 10 things that will decide stock market action on Friday (21-11-2024)
Indian benchmark indices fell sharply on Thursday, dragged down by the Adani Group stocks. The Nifty breached the 23,350 level and is heading towards 23,180. The 20-day moving average at 23,500 is an immediate hurdle. The overall market sentiment remains weak.
Market Trading Guide: Vijaya Diagnostic, KIMS among 3 stock recommendations for Friday (21-11-2024)
Indian benchmark indices fell sharply on Thursday, dragged down by the Adani Group stocks. The Nifty closed below its 200-DMA, indicating weak sentiment. Short-term support is at 23,200, and resistance is at 23,550. A break below 23,200 could trigger a further correction.
Bitcoin is at the doorstep of $100,000 as post-election rally rolls on (21-11-2024)
Bitcoin topped $98,000 for the first time Thursday, extending a streak of almost daily all-time highs since the U.S. presidential election. The cryptocurrency has rocketed more than 40% in just two weeks.
US stocks mixed higher after jobless claims data, Nvidia results; Alphabet weighs (21-11-2024)
Wall Street experienced mixed trading as Alphabet’s stock fell due to antitrust concerns, while Nvidia’s strong earnings report boosted investor confidence. Despite Nvidia’s positive performance, concerns about slowing growth tempered enthusiasm. Meanwhile, jobless claims fell, suggesting potential job growth, while geopolitical tensions and inflation concerns continued to weigh on market sentiment.
Goldman Sachs forecasts shallow RBI rate cut starting March 2025, lowers India’s FY25 growth outlook to 6.4% (21-11-2024)
Goldman Sachs predicts the Reserve Bank of India will implement a modest rate cut of 50 basis points by June 2025, commencing in the March quarter. They also revised India’s growth forecast to 6.4% for FY25, citing a cyclical slowdown and the impact of a strong dollar. Despite this, the bank maintains India’s long-term growth potential remains positive.
Enviro Infra Engineers offers exposure to country’s high-potential water management sector (21-11-2024)
Enviro Infra Engineers plans to raise Rs 650 crore through an IPO. The funds will be used for project funding, debt repayment, and working capital. The company has a strong order book and in-house capabilities. While it has negative OCF, this is expected to improve with project execution. The government’s focus on water infrastructure provides a positive outlook for the company.
Ahead of IPO, Enviro Infra Engineers mobilises Rs 195 cr from anchor investors (21-11-2024)
Enviro Infra Engineers, which is involved in the development of turnkey projects of sewage treatment plants and sewerage system, on Thursday collected around Rs 195 crore from anchor investors, a day before its initial share sale opening for public subscription.