Losses largely came from the metal index, followed by power, infrastructure, realty, PSU, oil and gas, capital goods, FMCG, healthcare, auto and banking.
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
Shares of Adani Green Energy (AGEL) continued their upward movement, hitting a new high of Rs 1,955.90, up 2.6 per cent on the BSE in Wednesday's intra-day trade in an otherwise weak market. The S&P BSE Sensex was down 0.77 per cent at 60,285 at 11:01 am. In the past 14 trading sessions, the stock of the renewable energy arm of the diversified Adani Group has zoomed 50 per cent from Rs 1,307.05 on December 30, 2021. In comparison, the S&P BSE Sensex was up 4.3 per cent during the same period.
'Only if the Budget springs some surprises we may see a halt in the selling.'
Major gainers in the Sensex pack were Hero Motocorp, which rallied 7.01 per cent, followed by Bharti Airtel (6.69 per cent), Yes Bank (5.30 per cent), Adani Ports (4.90 per cent), Tata Steel (3.75 per cent) and Bajaj Auto (3.70 per cent).
The change in the latest Budget will impact the sale and rent of SEZ units of companies like Adani Port, which has large SEZs in Mundra.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
'The police just stood there watching our people being attacked.'
Billionaire Gautam Adani's son Karan will helm the cement firms his group has acquired to become India's second largest cement player and extend his burgeoning empire that spans from ports and energy to airports and telecom.
Richest Indian Gautam Adani's ports-to-power-to-cement conglomerate is "deeply overleveraged" with the group predominantly using debt to invest aggressively across existing as well as new businesses, CreditSights, a Fitch Group unit, said on Tuesday. In a report titled 'Adani Group: Deeply Overleveraged', CreditSights said, "In the worst-case scenario, overly ambitious debt-funded growth plans could eventually spiral into a massive debt trap, and possibly culminate into a distressed situation or default of one or more group companies." Starting out as a commodities trader in the late 1980s, the Adani group has diversified from mines, ports and power plants into airports, data centers and defence.
Acquisition of stressed infrastructure assets has pushed its debt to over Rs 1 lakh crore, highlighting concerns about its growth strategy.
While fundamentals have improved, run-up in shares has been sharp and valuations do factor in near-term upsides.
The dollar bond market has been a favourite for Indian firms in 2014.
But half the land lies unused due to legal hurdles, lack of investor interest.
Strong gains in Vedanta Ltd, Adani Ports, Bharti Airtel and Maruti Suzuki helped the index touch record levels.
The Narendra Modi-led National Democratic Alliance government has given environment clearance to five projects since it took charge on May 26.
Stocks of three listed firms of Gujarat-based Adani Group on Friday ended as much as 6 per cent higher on the clear mandate given by voters to the BJP-led NDA.
Shares of Adani Group companies were in focus during Monday's session, with four of the six listed stocks being locked in the upper circuit of 5 per cent, bouncing back up to 11 per cent from their respective intra-day lows on the BSE. Adani Green Energy (Rs 1,115.85), Adani Transmission (Rs 1,297.65), Adani Total Gas (Rs 1,321) and Adani Power (Rs 120.60) were locked in 5 per cent upper circuit on the BSE. Adani Ports and Special Economic Zone (APSEZ) and Adani Enterprises rallied over 7 per cent and 6 per cent, respectively, in intra-day trade. In comparison, the Sensex rose 0.44 per cent to 52,574.46 on Monday. Last week, all Adani group stocks had come under pressure after a media report suggested that the National Securities Depository (NSDL) had frozen accounts of three foreign funds that own stake in four of Adani Group companies.
Adani Enterprises plans to invest a total of $25 billion in the next five years.
M-Cap of top 10 business groups went up by 46% this year.
With projects worth Rs 1,28,000-cr, the group hopes to become one of the country's biggest industrial houses.
SEZ in Mundra, Gujarat denotified for three violations.
Stock markets are expected to remain under pressure this week due to the overhang of US presidential polls and uncertainty over global growth due to resurging cases of coronavirus, according to analysts.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Vinai Kumar Saxena's current job as lieutenant governor of an Opposition-ruled state will raise the bar -- not just for him, but also for the Aam Aadmi Party government, which never says no to a fight with the representative of the central government in India's capital.
The words 'industry', 'industrial development', 'jobs', and 'employment' have been ringing with higher frequency since Mamata Banerjee stepped into her third term with landslide victory after a high-octane election last year. "Our government's next target is industrial development," the chief minister (CM) had been heard stating at different public meetings in the past few months - perhaps setting the tone for the sixth edition of the Bengal Global Business Summit (BGBS) slated for later this month. Investor summits by any state are about intent, big numbers, and tall claims. Yet in competitive federalism, its importance as a marketing tool is undeniable.
Indian companies had raised $2.39 billion from foreign markets in May 2015.
Top gainers include Yes Bank, HUL, Vedanta, NTPC, Bharti Airtel, Adani Ports, PowerGrid and Tata Motors, rising up to 5 per cent.
Investors booked profits in recent gainers dragging the indices into losses
Global investment firm Citigroup is bullish on Indian equity markets.
Adani Ports, BHEL, Tata Motors, ONGC, Mahindra & Mahindra and Tata Steel were the top losers.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
HDFC Bank was the top loser in the Sensex pack, falling 2.99 per cent, followed by Adani Ports at 2.87 per cent.
The group companies now lead the market capitalisation league table in sectors such as ports, power generation, gas distribution and transmission, and power transmission and distribution, ahead of incumbents in both public and private sector. This has Gautam Adani family the second wealthiest in business in India.
Since January this year, Indian exporters have begun to dread the shipping news. That's because most of it would be about another lot of shipping companies deciding to avoid Indian ports on account of delays.
Here's a look at how the new corporate governance norms will affect India Inc boardrooms.
Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand.
Adani Ports, HUL and L&T gained the most, while ICICI Bank, ONGC, GAIL and Tata Steel lost the most
An appreciating rupee, unabated buying by domestic institutional investors (DIIs) and encouraging earnings by blue-chips contributed to the uptrend
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
