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Investec has downgraded its target for RBL Bank to ₹170, citing a termination of its co-branding card arrangement with Bajaj Finance, which may lead to a moderation in credit growth. Meanwhile, Nomura maintains a buy call on Dixon Tech with a target of ₹18,654 per share, highlighting the company's potential in premium smartphone production. Nuvama also recommends a buy on Adani Ports, setting a target of ₹1,960 per share, driven by logistics advancements and strong volume guidance.
GQG Partners' share price has fallen significantly following bribery charges against Gautam Adani and other executives, raising concerns about the firm's investments in Adani Group companies. Despite holding substantial stakes, GQG claims over 90% of client assets are in unrelated issuers. The long-term impact on GQG's reputation and fundraising efforts remains uncertain, prompting a reassessment of their trading strategy.
The Nifty 50 index rebounded on November 27, closing above 24,250, driven by gains in auto, energy, metal, and media sectors. After a flat opening and rangebound trading, the index surged past 24,350 before some selling pressure emerged. Notable gainers included Adani Enterprises and NTPC, while Apollo Hospitals and Titan Company were among the losers. Broader indices also performed well, with the Nifty Midcap rising 0.6% and the Nifty Smallcap up 1.3%.
On November 22, the BSE Sensex surged by 1,599 points (2.1%) to reach 78,754, while the NSE Nifty rose by 478 points to 23,828, driven by a rally in financial stocks and strong US labor market data. Market breadth was positive, with 2,123 shares gaining and 1,218 declining. Key gainers included Reliance Industries, ICICI Bank, and Tata Motors, while the Nifty PSU Bank index rebounded by 2.47% after a previous decline.
Adani Group's stocks continued to decline following serious bribery allegations against Gautam Adani, with a staggering market capitalisation loss of Rs 2.2 lakh crore on November 21. Adani Enterprises plummeted 23% to Rs 2,184, while Adani Green Energy fell 20% to Rs 1,146. Other firms, including Adani Energy Solutions and Adani Ports, also experienced significant losses, further impacting the group's market value.
Indian benchmark indices faced pressure on November 21, with the Nifty falling below 23,300 and the Sensex down 422.59 points, or 0.54%, closing at 77,155.79. The decline was driven by weak global cues and significant selling in Adani Group stocks following bribery charges against Gautam Adani. Major losers included Adani Enterprises and SBI, while Power Grid Corp and UltraTech Cement were among the gainers.
Gautam Adani faces US bribery charges linked to a $250 million scheme, causing significant declines in Adani Group stocks, which fell up to 25% on November 21. The group's market capitalization dropped by Rs 2.2 lakh crore, impacting related companies and major lenders like SBI and PNB, whose stocks fell by up to 7%.
Adani stocks partially recovered on November 21 after the Adani Group labeled US bribery charges against chairman Gautam Adani as "baseless." The allegations involve a $250-million bribe to Indian officials for favorable solar power contracts. Following the statement, Adani Ports' stock rebounded over 10% from a day's low, trading at Rs 1,143.65, though still nearly 10% lower overall.
The Adani Group has firmly denied bribery charges from the US Justice Department and SEC, labeling the allegations as 'baseless.' In a statement, the group emphasized its commitment to legal compliance and announced plans to pursue all available legal recourse, asserting that defendants are presumed innocent until proven guilty. Despite the controversy, shares of Adani Enterprises and Adani Green have shown slight recovery from early losses, although they continue to experience significant declines in trading.
Equity benchmark indices Sensex and Nifty fell sharply in early trade, with the Sensex dropping over 900 points to an intraday low of 76,802.73, driven by a sell-off in Adani Group stocks, rising geopolitical tensions, and ongoing foreign fund outflows. Market analysts are concerned about the impact of state assembly election results on market sentiment, particularly if the ruling Maharashtra government faces unfavorable outcomes. The Nifty PSU Bank index was the biggest laggard, declining 3.58%, with major losses attributed to heavyweights like State Bank of India and Adani Enterprises.
Adani Ports
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
brokerage updates investec lowers rbl bank target morgan stanley trims indusind bank
03:20 02.12.2024
GQG share price falls amid Adani bribery charges and market concerns
United States Dollar
Adani Ports
Adani Energy Solutions Limited
Adani Power Limited
Adani Enterprises Limited
Adani Green Energy Limited
IND
Gautam Adani
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04:55 28.11.2024
Nifty closes above 24250 driven by gains in auto and energy sectors
United States Dollar
Euro
Adani Enterprises Limited
IndusInd Bank Limited
NTPC Limited
Wipro Limited
Shriram Finance Limited
Apollo Hospitals Enterprise Limited
Adani Ports
Bharat Electronics Limited
Trent Limited
Titan Company Limited
IND
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11:55 27.11.2024
Indian stock market surges as financial stocks rally on strong US data
United States Dollar
IndusInd Bank Limited
Bajaj Finserv Ltd.
Bajaj Finance Limited
ICICI Bank Limited
Tech Mahindra Limited
Tata Motors Limited
Reliance Industries Limited
Adani Ports
State Bank of India
Power Grid
IND
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08:03 22.11.2024
adani stocks plummet amid us bribery allegations and market turmoil
Indian Rupee
Adani Enterprises Limited
Adani Total Gas Limited
Adani Ports
Ambuja Cements Limited
Adani Energy Solutions Limited
Adani Green Energy Limited
IND
Gautam Adani
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04:09 22.11.2024
Indian markets decline as Adani stocks plummet amid geopolitical tensions
United States Dollar
Adani Enterprises Limited
Grasim Industries Limited
UltraTech Cement Limited
HCL Technologies Limited
NTPC Limited
SBI Life Insurance Company Limited
Adani Ports
SBI
Hindalco Industries Limited
Power Grid Corporation of India Limited
IND
Gautam Adani
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11:17 21.11.2024
adani group faces market turmoil after us bribery charges
Adani Enterprises Limited
Adani Total Gas Limited
Ambuja Cements Limited
Punjab National Bank
Adani Energy Solutions Limited
PSP Projects Limited
Bank of Baroda Limited
Adani Ports
State Bank of India
Adani Green Energy Limited
IND
Gautam Adani
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10:27 21.11.2024
Adani stocks rebound as group denies US bribery allegations
09:32 21.11.2024
Adani Group denies bribery allegations and vows to pursue legal action
08:55 21.11.2024
Sensex plunges 900 points amid Adani stock sell-off and foreign outflows
07:56 21.11.2024
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