Adani Enterprises Ltd on Wednesday announced divestment of its entire stake in DC Development Hyderabad Pvt Ltd and Naida Data Center (NDCL) to AdaniConnex Pvt Ltd. Consequently, DC Development Hyderabad and NDCL have ceased to be wholly-owned subsidiaries of the company, Adani Enterprises said in a filing to BSE. "The company has divested its 100 per cent stake in DC Development Hyderabad Private Ltd and Naida Data Center Ltd, wholly owned subsidiary (WoS) companies on 22nd February, 2022 to AdaniConnex Private Limited," the filing said. AdaniConnex is 50 per cent joint venture company of AEL with EdgeConneX Europe B.V.
In the past one month, the BSE Sensex and the NSE Nifty, shed over 6 per cent each, while crude oil prices soared to an eight-year high at almost $96 a barrel, up nearly 12 per cent.
FIIs have been on a selling spree across most EMs, including India where they have sold over $11 billion worth of equities since October 2021 when they started to unwind their position here
The mid-and small-cap indices on the BSE were down over 1 per cent each as against a similar per cent gain on the S&P BSE Sensex so far this year.
A similar view was shared by Raamdeo Agrawal, co-founder and joint managing director, Motilal Oswal Financial Services, who suggested that Indian equity markets were on the cusp of a major bull-run
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The BSE Sensex has shed 1,844 points from Monday's close ending at 59,464 level today, way below the 60K-mark.
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Buying was seen across the board; Micap and Smallcap indices finished with gains of 1.5 per cent each, overall breadth too was extremely positive
The BSE Midcap and Smallcap indices were up around 1.5 per cent each. Metal, IT, Consumer Durables indices logged smart gains
The NSE index has now declined nearly 11 per cent from its all-time in the last two months; Midcap and Smallcap indices were down over 3 per cent each
Analysts expect the downtrend to be arrested soon and steep correction will lead to value buying at lower levels
The BSE Midcap and Smallcap indices ended with losses of 2.4 per cent and 2.1 per cent, respectively. Declining stocks outpaced advancing shares in more than 2:1 ratio
The broader markets also weakened towards the end of the trading session; Sun Pharma, however, gained nearly 3 per cent.