The group’s investors, on the other hand, coped with even more losses on their screen.
The saga of active or not active FPI shareholders of Adani Group entered its second act today as it turned out that while Adani Group had learned from its share transfer agent that the three FPI shareholders’ accounts were ‘active’, the NSDL informed the group that they were ‘suspended in debit’. That implies, Cresta Fund, Albula Investment Fund and APMS Investment Fund – whose accounts are frozen by NSDL as reported by The Economic Times — have not yet fulfilled the proper ‘know your client’ requirements.
If some of the shareholders were not convinced on Monday, they were today after Adani Group made the disclosure to the stock exchanges themselves. Shares of Adani Power, Adani Transmission, Adani Ports and Adani Total Gas tanked 1-5 per cent. The only survivors were , likely because of short covering, and Adani Green Energy.
While investors will continue to cut their exposure to the Group’s stocks going ahead out of fear of being caught on the wrong side, Adani Group can ease investors’ anxiety by requesting the three Mauritius-based FPI shareholders to comply with the norms of the land. ASAP!
Strong day for NBFCs
Shares of non-bank lenders were in demand today as investors liked what they saw in the Reserve Bank of India’s discussion paper on rules for the microfinance sector. While the paper’s recommendations may still yet change before they are approved, analysts loved the implications for non-bank lenders as compared to their rivals with the framed bank licences.
Consumer stocks feel the love
Shown the door because of the second wave and the market’s hot affair with cyclical sectors, consumer-facing stocks have faced some tough days in April and May. That situation is now changing as they find themselves in the good books of investors yet again, given the growing confidence that good monsoons and easing lockdowns will bring consumption back with a vengeance. The Nifty India Consumption index, naturally, ended as one of the top performers on the NSE with gains of 0.9 per cent.
That said, we are off to find some love too and hope you get the same at your home. So long!
