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The stock market experienced significant selling pressure due to rising geopolitical tensions and allegations against the Adani Group by the US SEC. On November 21, foreign institutional investors (FIIs) net sold shares worth Rs 5,321 crore, while domestic institutional investors (DIIs) net bought Rs 4,200 crore. For the year, FIIs have net sold Rs 2.93 lakh crore, contrasting with DIIs' net purchases of Rs 5.61 lakh crore.
Bitcoin is nearing the $100,000 mark, driven by optimism over a more favorable U.S. regulatory environment for cryptocurrencies under President-elect Donald Trump. Prices surged past $98,000 during European trading, reflecting a 40% increase in just two weeks since the election. Analysts note that while the market is in overbought territory, the momentum is pushing Bitcoin closer to the $100k level.
Quant Mutual Fund, a major investor in Adani Enterprises, faces significant losses of up to 27% on its $500 million investment following a sharp decline in the company's shares. This downturn was triggered by the US indictment of Adani's chairman, raising concerns over the firm's financial stability.
Shares of GQG Partners plummeted 25% following the indictment of Adani Group Chair Gautam Adani for fraud, marking the firm's worst trading day since its 2021 listing. GQG, which holds a 3.94% stake in Adani Enterprises, is reviewing the situation while noting that over 90% of its assets are in unrelated investments. Adani Group shares also fell sharply after a previous report accused the company of extensive fraud, leading to significant losses in early 2023.
Bitcoin surged past $95,000 for the first time, driven by optimism over a more favorable U.S. regulatory environment under President-elect Donald Trump. Since the election, over $4 billion has flowed into U.S. listed Bitcoin exchange-traded funds, with prices more than doubling this year and rising 40% in just two weeks. Analysts suggest the cryptocurrency is being drawn toward the $100,000 mark, despite being in overbought territory.
Bernstein has identified a top stock to capitalize on the SEC's potential shift towards a pro-crypto stance. This development could significantly impact the market, making it a key opportunity for investors looking to engage with the evolving regulatory landscape.
Movano Health reported its Q3 2024 results, highlighting a successful back-in-stock launch of the Evie Ring and progress on the EvieMED 510(k) application. The company shipped 339 Evie Rings and reduced its operating loss to $7.4 million, while maintaining $11.3 million in cash as of September 30, 2024. A 1-for-15 reverse stock split was executed to regain Nasdaq compliance.
60 Degrees Pharmaceuticals reported a 140% increase in ARAKODA® pharmacy deliveries, generating approximately $135,000 in sales for Q3 2024. Despite achieving a gross profit of $24,000, the company faced a net loss of $2.27 million, largely due to changes in liability valuations. Key developments included granting the University of Kentucky rights for FDA review and securing a contract with the U.S. Army for commercial validation of ARAKODA® packaging.
SEC & Financial Compliance
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