Sun, 10 Dec 2023

New Delhi [India], February 2 (ANI): Congress leader Jairam Ramesh on Thursday said Gautam Adani talking about being "morally correct" is like his "Prime Mentor" preaching values of humility and sobriety.

"Adani speaking of being morally correct is like his Prime Mentor preaching virtues of humility, sobriety and large-heartedness. This is ENTIRE political science," Jairam Ramesh said in a tweet.

On Wednesday, the Board of Adani Enterprises Ltd (AEL) said that given the unprecedented situation and the current market volatility, it "aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction".

Adani Group Chairman Gautam Adani addressed the investors and said that it would not be "morally correct" to go ahead with the Rs 20,000-crore share in the current market condition. The U-turn of the conglomerate is expected to influence investors' sentiments.

Speaking on the lines of Adani Group stocks, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, "The excessive volatility triggered by the crash in Adani stocks will die down after sometime. FIIs (foreign institutional investors) will have to invest in India if they are to benefit from the India Growth Story."While speaking on recovery he added that "the situation in the mother market of the US is slowly improving. The expected reduction in rate hike to 25bp and the slightly less hawkish commentary are positive for global equity markets. Investors may do calibrated buying in high-quality large-caps. IT and capital goods stocks are on a strong wicket."The key equity indices went on a roller-coaster ride to eventually end the session with tepid gains. The Nifty ended a tad below the 17,650 mark after hitting the day's high at 17,972.20 in afternoon trade. Sensex rose and settled 158 points up on Wednesday.

After Finance Minister Nirmala Sitharaman's speech on Union Budget on Thursday, investors cheered after the central government announced a slew of measures to boost capital expenditure spending in the country while simultaneously providing relief to the highest taxpayers, all this coupled with reigning the fiscal deficit to below 4.5 per cent of GDP by 2025-26.

Sensex bounced more than 1,000 points yesterday while still being volatile.

However, the shares of Adani Group firms continued to be volatile today as shares of its flagship firm, Adani Enterprises, went down 10 per cent to Rs 1,921.85 apiece against yesterday's closing. (ANI)

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