Three Adani group shares under NSE’s additional surveillance; two group stocks moved to stage 2 of long-term ASM
时间:2024-06-26 10:18:37 阅读(143)
Adani Enterprises, Adani Power, and Adani Wilmar have been included under the National Stock Exchange’s short-term additional surveillance measures (ASM) framework from Thursday. The update came two days after it was announced that Adani Enterprises would be excluded from the exchange’s ASM. The decision to add the firms’ shares into the surveillance framework is following the steep rise in the share price over the past few sessions.
Adani Green Energy and NDTV shares will be moved to stage 2 of NSE’s long-term ASM framework, according to a circular released by the exchange. Last month, Adani Ports and SEZ and Ambuja Cements were also placed under the short-term additional surveillance measure to reduce the heightened volatility faced by the stocks following the US financial forensic research firm, Hindenburg Research’s scathing report, alleging the Group of large-scale fraud and stock market manipulation. However, the two companies were removed from the framework on 13 February.
SEBI and the exchanges jointly introduced the ASM framework to “alert and advise investors to be extra cautious when dealing in these securities” according to an NSE circular. Certain trading restrictions are imposed on stocks that fall under the framework. “Applicable rate of margin shall be 50% or existing margin, whichever is higher, subject to maximum rate of margin capped at 100% with effect from March 10, 2023 on all open positions as on March 9, 2023 and new positions created from March 10, 2023,” said NSE on the actions under the short-term ASM framework. This seeks to deter traders from taking excessive risks and reduce volatility, since the liquidity will reduce.
Adani Enterprises closed at its monthly high on Wednesday, extending gains for the sixth straight session, following the announcement that the company repaid its share-based funding of Rs 7,374 crore and would pay back all its outstanding debts. The shares of the company closed at Rs 2,039, up 2.83% on the NSE.
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- tioned itself as a premium retailer of brands.
The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.