Indian market declined sharply, influenced by Adani Group’s bribery case. Suzlon Energy, Indian Hotels, and Paytm rose, while Adani stocks and Honasa Consumer faced significant losses.
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PSP Projects – Construction Company (21-11-2024)
Listened to the company’s conference call following the Adani acquisition. Key points discussed about the acquisition are as follows:
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The promoters are selling their stake at ₹575 per share, whereas the QIP was conducted at over ₹650 per share.
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The rationale behind the stake sale is leveraging the Adani Group’s expertise and unlocking opportunities in various projects such as airports, Dharavi redevelopment, data centers, etc. (Additionally, the Adani Group is aiming to build its EPC companies for its projects).
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The company is projecting EBITDA margins of 10% or higher.
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Out of the current order book of ₹6,000+ crore, only ₹500 crore pertains to the Adani Group.
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There is an agreement between the Adani Group and the promoters ensuring 50:50 ownership, even after the open offer.
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The promoters are obligated to remain with the company for at least five years and cannot exit during this period.
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The promoters expect better utilization of the precast facility, which is likely to be margin-accretive and significantly reduce the construction cycle.
Disclaimer: I invested during today’s dip caused by the Adani-US issue. I’ve been following this company for over three years.
Market ends with deep cuts; Nifty settles near 24,350; VIX rallies 2.09% (21-11-2024)
As per provisional closing data, the barometer index, the S&P BSE Sensex fell 422.59 points or 0.54% to 77,155.79. The Nifty 50 index declined 168.60 points or 0.72% to 23,349.90.
Market ends with deep cuts; Nifty settles near 23,350; VIX rallies 2.09% (21-11-2024)
As per provisional closing data, the barometer index, the S&P BSE Sensex fell 422.59 points or 0.54% to 77,155.79. The Nifty 50 index declined 168.60 points or 0.72% to 23,349.90.
Market Wrap: Adani Group stocks drag Sensex down 422 points, Nifty to 23,350; BSE Mcap erodes by Rs 6.7 lakh crore (21-11-2024)
Indian headline index fell sharply in the day’s trade on Thursday while recovering some losses towards the end. Weighed down by a sell-off in Adani Group stocks following an indictment of Chairman Gautam Adani and several others in a $250 million bribery case, the S&P BSE Sensex closed at 77,155.79, down by 422.59 points or 0.54% while the broader Nifty50 finished at 23,349.90, lower by 168.60 points or 0.72%.
Maurizio Cattelan’s duct-taped banana artwork sold at US $6.2m at auction (21-11-2024)
Italian artist Maurizio Cattelan sold a duct-taped banana artwork ‘Comedian’ for US $ 6.2 billion in an auction held in New York. The artwork is bought by Crypto entrepreneur, Justin Sun
Opposition members demand tenure extension of parliamentary panel on Waqf (21-11-2024)
Opposition members demanded more time to review the Waqf Amendment Bill. They protested during the last meeting of the Joint Committee. The Chairman had announced that a draft report would be circulated shortly. The Lok Sabha Speaker’s intervention was sought. The committee is expected to submit its report in the first week of the winter session of Parliament.
7 stocks with solid quarterly performance, yet down 25% in recent slump (21-11-2024)
The recent market correction offers an opportunity to buy potentially undervalued stocks. Six stocks with strong double-digit sales and profit growth in Q2FY25 have declined over 25% since October. These stocks could be attractive buys for long-term investors
MapMyIndia – The Map Company (21-11-2024)
The Stock is falling heavily. My belief is that market is not happy with uncertainty in Margins this year with the management’s push to keep the increase in the number of downloads of the MAPPLS app the first priority. Am I missing anything else?