India Stocks: Indian shares set to fall after Adani group calls off $2.5 bln share sale

Craftsman Automation

02/02/2023 02:38

BENGALURU, Feb 2 (Reuters) - Indian shares are set to
open lower on Thursday after a sustained selloff in Adani group
stocks as the group cancelled the secondary share sale of its
flagship company Adani Enterprises.
    India's NSE stock futures listed on the Singapore exchange
 SINc1  were down 0.68% at 17,579 as of 08:06 a.m. IST.
    The Adani group, on Wednesday, decided to call off the $2.4
billion follow-on public offering, which was fully subscribed,
after a 28% plunge in the company's share price. 
    India's market regulator is said to be examining the crash
in the Adani group company shares and looking into possible
irregularities in Adani Enterprises' secondary share sale.
    Wall Street equities advanced after the U.S. Federal Reserve
raised its target by 25 basis points and said it had turned a
key corner in the fight against high inflation. 
    Asian markets advanced, with the MSCI's broadest index of
Asia-Pacific shares outside Japan  .MIAPJ0000PUS  rising 0.70%.
 MKTS/GLOB 
    Indian markets closed lower on Wednesday, hit by Adani group
stocks and a fall in insurance companies after the union budget
proposed to limit tax exemptions for insurance proceeds.
    Foreign institutional investors snapped a seven-day selling
streak on Wednesday and bought 17.85 billion rupees  ($218.38
million)worth of shares on a net basis while domestic
institutional investors purchased 5.29 bln rupees worth of
shares. 
    STOCKS TO WATCH
    Britannia Industries  BRIT.NS : Co posts rise in
consolidated net profit in the third quarter on price hikes,
sustained demand.
    Ashok Leyland  ASOK.NS : Co reports more-than-expected rise
in net profit in Q3 on easing costs, rising truck demand.
    Eicher Motors  EICH.NS : Co's total domestic sales rose
50.1% YoY in January while exports fell.
    Syngene International  SYNN.NS : Biocon  BION.NS  sold 9.96%
stake in the company through open market sale.
    Craftsman Automation  CRAF.NS : Co reports rise in
consolidated profit in third quarter.
    Alembic Pharma  ALEM.NS : Co reports consolidated net profit
that beat estimates in Q3, on higher domestic sales. 
($1 = 81.7390 Indian rupees)
 (Reporting by Bharath Rajeswaran in Bengaluru; Editing by
Janane Venkatraman)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))