Adani Group: Adani Group shares have seen a lot of ups and downs ever since the Hindenburg report came out. Meanwhile, good news has come out for the investors of Adani Group. Three stocks of Adani have been removed from the Short Term Additional Surveillance Major (ASM) by the country’s stock exchange NSE. Simply put, after the arrival of Hindenburg, the short-term monitoring of these three companies has been removed.
This will be effective from today i.e. March 17, 2023 only. These stocks will be thrown out after 8 days under the framework. A circular issued on Thursday said that 10 stocks will be excluded from the ASM framework, including these three stocks of Adani Group.
Which stocks will be removed from watch
National Stock Exchange informed in its circular that Adani Enterprises, Adani Power, Adani Wilmar are being removed from short term surveillance. In addition, Kiri Industries, Tata Teleservices, Uniinfo Telecom Services, DB Realty, Pennar Industries, Focus Lighting & Fixtures and Geek Wires.
What will benefit the companies
After being removed from surveillance, the restrictions imposed on the business of the companies will be relaxed. Also restrictions on high margin requirement etc. will be removed. According to NSE, the applicable rate of margin will be capped at 50 per cent or the existing margin, whichever is higher, on open positions or 100 per cent on new positions.
Why the stocks were included in this list
After the Hindenburg report, there was a huge decline in the stock of Adani Group. After this, apart from Adani Enterprises, Adani’s other two stocks Adani Power and Adani Wilmar were placed under short-term surveillance.
How did Adani stocks fare yesterday
Adani Enterprises shares ended marginally higher at Rs 1,842.60 on the BSE, while Adani Wilmar was down 1.4 per cent at Rs 420.95 and Adani Power was down 1.7 per cent at Rs 198.75.
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