While the market breadth remained marginally skewed in favour of the bulls with 27 stocks in Nifty trading in the green, several heavy-weights pared-off morning gains. The top gainers were Hero MotoCorp, Adani Ports, SBI Life Insurance Company, Apollo Hospitals and Adani Enterprises while biggest laggards included Britannia Industries, Bajaj Finserv, Nestle India, HDFC Life and Asian Paints.
The Securities and Exchange Board of India (SEBI) has been investigating the group after Hindenburg Research's report in January last year set off an over $150 billion selloff in the conglomerate's stocks despite the company's denials of wrongdoing. The stocks have since recovered partially. read more about the whole matter:
A Supreme Court Bench headed by Chief Justice DY Chandrachud will announce judgement on the Adani vs Hindenburg issue today. Following explosive allegations on fraudulent accounting practices and stock price manipulation, Adani stocks had lost over half of its value at one point in 2023. Read on to know more:
"A low-profile company, Lloyds Metals, has emerged the fastest wealth creator with 2018-23 price CAGR of 79 per cent," it said. Adani Enterprises Ltd, the flagship incubator firm of the Adani Group, is a close second with a CAGR of 78 per cent
The Adani group said in a statement that upon acquiring a 50.5% stake for 510,000 rupees ($6,140), it would assume full operational and management control of IANS. Adani entered the media industry in March last year by acquiring Quintillion Business Media, which operates business and financial news digital media platform BQ Prime
Noteworthy wealth creators in this period include Reliance Industries, TCS, ICICI Bank, Infosys and Bharti Airtel. Lloyds Metals emerged as the fastest wealth creator with the stock returning 79% on a compounded basis in this period.
Out of 15 Nifty sectoral indices, 10 closed in the red and four in the green while one remained unchanged. The top losers were Nifty Auto, Nifty FMCG and Nifty Metal which fell between 0.76% and 0.38%. The top performer was Nifty IT which maintained its previous week’s winning run and closed with gains of 0.60%. Nifty Pharma, Nifty PSU Bank and Nifty Healthcare Index closed with small gains amid action in selective stocks.
The fund is called Gulf Asia Trade & Investment, the sources said. It is owned by Dubai businessman Nasser Ali Shaban Ahli, according to checks of its website last month although the site has since been pulled down.
Promoter group firm Kempas Trade and Investment Ltd, which had a minimal stake in the firm, acquired 2.22 per cent in the open market between August 7 and August 18, it said.
Strong operational performance helped boost the group's net profit, although overall sales saw a decline during the quarter. The comparative performance excludes the group's cement entities acquired after the first quarter of FY23.
Indian billionaire Gautam Adani and his family may retain a minority stake in a personal capacity following a sale, the people said. Wilmar, the Singapore-headquartered food conglomerate co-founded by billionaire Kuok Khoon Hong in 1991, could decide to retain its stake in the business, one of the people said
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