Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
The domestic markets continued their downward trend, closing lower on Thursday as shares of Adani Group companies saw a sharp sell-off due to bribery allegations against Gautam Adani. Benchmark indices, Sensex and Nifty, dropped, reflecting negative sentiment across the market. The Sensex fell by 422.59 points to 77,155.79, while the Nifty50 shed 168.60 points to close at 23,349.
Broader market indices also faced selling pressure, with volatility surging across sectors. As trading opens today, several stocks are expected to remain in focus due to recent developments.
Adani Group stocks, including Adani Enterprises and Adani Green, are expected to remain under pressure following Thursday’s 20% decline. This drop was triggered by a US federal indictment against Gautam Adani, which alleged bribery and other charges. These developments have weighed heavily on investor sentiment.
The Adani Group has strongly denied allegations of bribery and securities fraud levelled by US prosecutors against its chairman, Gautam Adani, and other key executives.
Bharti Airtel continues to stand out positively among telecom players. The company has gained revenue market share (RMS) in the second quarter, benefiting from recent industry-wide tariff hikes. Its strong performance in mobile broadband and postpaid user additions has further bolstered its position.
Sajjan Jindal-led JSW Energy plans to establish a wind turbine blade manufacturing facility in Karnataka. The unit will cater to the company’s growing renewable energy portfolio and is expected to contribute significantly to its clean energy ambitions.
Protean eGov Technologies will be in focus as NSE Investments, a non-promoter shareholder, plans to sell up to 20.31% stake in the Mumbai-based company. The development is likely to impact its stock performance in the short term.
SJVN has signed a memorandum of understanding (MoU) with the Rajasthan government’s energy department for developing renewable energy projects in the state. This agreement is part of SJVN’s push to expand its clean energy capacity.
Institutional investor Life Insurance Corporation (LIC) has increased its stake in LTIMindtree from 5.033% to 7.034%. This development, which took place between March and November 2024, signals confidence in the IT services provider.
Afcons Infrastructure has emerged as the lowest bidder for a Rs 1,274 crore project from Uttarakhand Project Development and Construction Corporation. The project is expected to boost the company’s order book significantly.
Tata Power has entered into an MoU with the Asian Development Bank (ADB) for $4.25 billion to finance clean energy projects. This partnership is part of Tata Power’s efforts to scale its renewable energy portfolio and meet sustainability goals.
Zinka Logistics Solution was expected to make its stock market debut on Thursday, but the listing was postponed. The listing could be completed today. Investors are optimistic about strong listing gains, given the positive response to its initial public offering (IPO).
English