Stock market live: Market action will be guided by global cues following the takeover of the fallen US lender First Republic Bank on Monday by JP Morgan Chase
Adani Enterprise , in particular, could see a rally of up to 11 per cent in coming sessions
Stocks to Watch: On the earnings front, Ambuja Cements, Adani Total Gas, PSB, Tata Steel and Uco Bank are likely to be on investors radar on Tuesday.
The promoters have also prepaid a $500-million facility taken for Ambuja acquisition financing
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So far in the last two months, the Adani Group now have prepaid share-backed financing up to $2,016 mn as part of the promoters' commitment to cut overall leverage.
Industry players said the GQG investment will provide a floor to Adani stocks and also ease concerns around promoter-share pledges
Most managements continue to be positive on the cement demand, led by the government's thrust on infrastructure projects, pick-up in urban real estate, and likely recovery in the rural segment.
Stocks to watch today: HDFC concluded sale of 10-year non-convertible debentures (NCDs) of Rs 25,000 crore; Ambuja Cements was selected as 'preferred bidder' for Uskalvagu limestone block in Odisha
At the end of January, Quant MF had close to Rs 950 crore investment in Adani Ports and Ambuja Cement
Shares of eight of the 10 group firms closed in the red, while two companies settled in the green territory on Friday
The overall sentiment towards the cement stocks has remained lacklustre amid a gradual decline in their share prices, and a reduction in GST could help to lift this sentiment.
The decision to undertake an independent assessment comes at a time when investor faith in the group has been shaken
In past seven trading days, the total market capitalisation (market-cap) of 10 Adani group companies has eroded by nearly Rs 10 trillion or 52 per cent to Rs 9.27 trillion in Friday's intra-day trades
Hindenburg Research said that it was shorting Adani group's stocks and accused the firms of 'brazen' market manipulation and accounting fraud
Analysts expect H2 to be better and infra spending to be hiked in the Budget; benign energy prices and demand improvement are other triggers
Adani currently holds 63.15 per cent stake in Ambuja Cement and 56.69 per cent in ACC
The industry's combined quarterly earnings in Q2FY23 were the lowest since July-September 2013
Except Ambuja Cements, Ultratech Cement, Ramco Cements, and India Cements need to surpass crucial key levels to lead to a rally ahead
Cement major on track to reach 131.25 mtpa by Q4