Seven Adani Group stocks were trading in green on Monday’s trade after the supreme court (SC)- appointed panel looking in to allegations made by Hindenburg Research on Friday found there was no evidence of a ‘regulatory failure’ by market regulator Securities and Exchange Board of India (SEBI). Adani Enterprises (up over 14%) and Adani Ports & Special Economic Zone (up nearly 10%) were among the top two gainers on the Nifty 50.
Seven Adani Group stocks were trading in green on Monday’s trade after the supreme court (SC)- appointed panel looking in to allegations made by Hindenburg Research on Friday found there was no evidence of a ‘regulatory failure’ by market regulator Securities and Exchange Board of India (SEBI). Adani Enterprises (up over 14%) and Adani Ports & Special Economic Zone (up nearly 10%) were among the top two gainers on the Nifty 50.
On May 6, the expert panel that the SC established to examine regulatory issues in the wake of the Hindenburg report in the Adani case turned in its final report. On March 2, the panel was granted two months to submit a progress report in the case.
On May 6, the expert panel that the SC established to examine regulatory issues in the wake of the Hindenburg report in the Adani case turned in its final report. On March 2, the panel was granted two months to submit a progress report in the case.
The Committee’s task is to determine if a regulatory failure occurred, not to determine whether the price increase in Adani stock was warranted.
The Committee’s task is to determine if a regulatory failure occurred, not to determine whether the price increase in Adani stock was warranted.
SEBI stated in a briefing requested by the committee that despite putting Adani group scrips under various surveillance measures, it had not discovered any proof of “wash trades” (where connected parties trade continuously in a stock with one another without intending to actually transfer ownership of the stock).
SEBI stated in a briefing requested by the committee that despite putting Adani group scrips under various surveillance measures, it had not discovered any proof of “wash trades” (where connected parties trade continuously in a stock with one another without intending to actually transfer ownership of the stock).
The regulator claimed that the stock exchanges had tracked the price movement of Adani equities on four occasions, according to the committee. Two of them occurred before the release of the Hindenburg Report, while two occurred after the report’s publication (which occurred after January 25).
The regulator claimed that the stock exchanges had tracked the price movement of Adani equities on four occasions, according to the committee. Two of them occurred before the release of the Hindenburg Report, while two occurred after the report’s publication (which occurred after January 25).
The market has updated its valuation and pricing of the Adani stocks, according to the committee.
The market has updated its valuation and pricing of the Adani stocks, according to the committee.
“While they may not have returned to the pre-January 24 levels, they are stable at the newly re-priced level. The volatility in the Adani stocks was indeed high, which is attributable to the publication of the Hindenburg report and its consequences,” the report said.
“While they may not have returned to the pre-January 24 levels, they are stable at the newly re-priced level. The volatility in the Adani stocks was indeed high, which is attributable to the publication of the Hindenburg report and its consequences,” the report said.
According to Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities Adani group stocks are in green zone after SC-appointed panel of experts examining India’s regulatory mechanism in an investigation linked to the Hindenburg allegations has given a clean chit to the Adani Group. If we go with fundamentals post Hindenburg saga there has been no material impact on company businesses and such clean chit reports would gradually increase confidence in the group stocks.
According to Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities Adani group stocks are in green zone after SC-appointed panel of experts examining India’s regulatory mechanism in an investigation linked to the Hindenburg allegations has given a clean chit to the Adani Group. If we go with fundamentals post Hindenburg saga there has been no material impact on company businesses and such clean chit reports would gradually increase confidence in the group stocks.
“We continue to remain neutral on this development despite stock prices moving high ahead of the news impact. We believe going forward we will get more updates for other regulatory bodies on this group which could keep this counter in volatile action,” said Tapse.
“We continue to remain neutral on this development despite stock prices moving high ahead of the news impact. We believe going forward we will get more updates for other regulatory bodies on this group which could keep this counter in volatile action,” said Tapse.
Further, media reports claim that the Adani Group is looking into the potential of selling off real estate holdings that have been considered to be non-core to its business. The group has already discovered a few of these resources and is currently compiling a list of further ones.
Further, media reports claim that the Adani Group is looking into the potential of selling off real estate holdings that have been considered to be non-core to its business. The group has already discovered a few of these resources and is currently compiling a list of further ones.
Technical Views
Kapil Shah, Technical Analyst, Emkay Global and Technical Trainer, Finlearn Academy, said that Nifty has recovered from the support level and breached immediate resistance which is a bullish continuation sign. Adani stocks have also moved out from the hibernation period.
Technical Views
Kapil Shah, Technical Analyst, Emkay Global and Technical Trainer, Finlearn Academy, said that Nifty has recovered from the support level and breached immediate resistance which is a bullish continuation sign. Adani stocks have also moved out from the hibernation period.
According to Shah, Adani Enterprises had been in the range of 1,800 to 2,000 level for 26 trading sessions. The stock has breached the upper band, which is a bullish development. The stock has moved above the short-term moving average but sailing below the long-term moving average. Stock is at a resistance of 2,225 level but no reversal sign observed yet. Moving above the 2,225 level can be considered as further bullish validation and it can pave the path up to the 2,430 level.
According to Shah, Adani Enterprises had been in the range of 1,800 to 2,000 level for 26 trading sessions. The stock has breached the upper band, which is a bullish development. The stock has moved above the short-term moving average but sailing below the long-term moving average. Stock is at a resistance of 2,225 level but no reversal sign observed yet. Moving above the 2,225 level can be considered as further bullish validation and it can pave the path up to the 2,430 level.
On the other side, Adani Ports & Special Economic Zone has breached major resistance of the 725 level, which is a positive development. Stock is above the long to short-term moving average that indicates relatively better relative strength as compared to other Adani group stocks. The stock has immediate support at 710 and resistance at 780 level. The underlying tone is positive, according to Kapil.
On the other side, Adani Ports & Special Economic Zone has breached major resistance of the 725 level, which is a positive development. Stock is above the long to short-term moving average that indicates relatively better relative strength as compared to other Adani group stocks. The stock has immediate support at 710 and resistance at 780 level. The underlying tone is positive, according to Kapil.
Further, Adani Total Gas has shown very initial signs of support from 4 months low. On the daily chart, stock has formed a positive candle but the structure still remains weak as the stock is under a lower high and lower low sequence and trading below the short to long-term moving average.
Further, Adani Total Gas has shown very initial signs of support from 4 months low. On the daily chart, stock has formed a positive candle but the structure still remains weak as the stock is under a lower high and lower low sequence and trading below the short to long-term moving average.
