Adani Group stocks rise, four hit upper circuit after major block deal; SC sets up panel to probe stock crash Adani Group stocks rose on Thursday after 3.9 crore shares, totalling 3.5% equity of Adani Enterprises, changed hands. The deal is estimated to be worth around Rs 5,520 crore. Adani Ports, Adani Transmission and Adani Green Energy also saw block deals of 4.1%, 2.5% and 3% stake, respectively, according to reports. Meanwhile, the Supreme court of India ordered setting up a committee headed by ex-apex court judge A M Sapre to probe a recent crash in Adani Group stocks. The Supreme court directed the Centre, financial statutory bodies and SEBI chairperson to render all cooperation to the panel set up for the probe and asked the probe panel to submit its report in two months. Nandan Nilekani, KV Kamath, Somasekharan Sundaresan, Former judges OP Bhat and JP Devdatt are part of a six-member probe committee. Earlier this week, Adani Group denied having secured any $3 billion loan from a Middle East-based sovereign wealth fund, as claimed by a Reuters report. Adani Group told Bloomberg, “This is totally false and untrue.” Adani Enterprises shares were trading 1.21% higher at Rs 1583.15, Adani Ports and Special Economic Zone shares rose 0.44% to Rs 604.75, Adani Green Energy, Adani Transmission, Adani Power, Adani Wilmar shares hit the upper circuit, rising 5%. Adani Total Gas shares rose 2.42% to 728.90, Ambuja Cements shares were up 2.18% at 361.30, ACC shares were up 0.05 at Rs 1,769.50 and NDTV shares climbed 3.91% to Rs 207.45.
2. Warren Buffett talked about his business partner Charlie Munger in his letter. He said they both think alike but what it takes Warren Buffett a page to explain, Charlie Munger sums up in a sentence. Charlie Munger’s version, moreover, is always more clearly reasoned.
The lesson for investors: “I will add to Charlie’s list a rule of my own: Find a very smart high-grade partner – preferably slightly older than you – and then listen very carefully to what he says,” Warren Buffett said.
3. Warren Buffett emphasised that his long-time business partner Charlie Munger and he are business pickers, not stock pickers. He further said that efficient markets exist only in textbooks.
“We own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business pickers,” Warren Buffett said.
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FII and DII trades: Foreign Institutional Investors (FII) have been net buyers of domestic stocks for successive days now. On Wednesday, FIIs pumped in Rs 2,347 crore. Domestic Institutional Investors (DII) have been net sellers, pulling out Rs 510 crore yesterday.
IPO watch: Syrma SGS Technology enters the final day of bidding today. So far the issue, that opened last week, has been subscribed 2.27 times. Retail investors have subscribed their portion 2.66 times while NIIs have bid for their quota 3.58 times and QIB portion has been bid for 0.71 times.