MUMBAI: Gautam Adani, India’s second richest man and owner of the Adani Group, is trying to take matters into his own hand as he looks to put a stop to the staggering selling seen in his companies’ stocks over the past week.

Promoter entities had started to buy shares of Adani Ports and Special Economic Zone, Group’s crown jewel, and Adani Green Energy from the open market from Friday in an effort to assuage investors that nothing is awry at the multi-billion dollar conglomerate. Adani, personally, took a knock of over $10 billion last week as shares of his companies tanked 7-23 per cent in just five days following concerns over three FPI shareholders in the group’s various companies.

Adani’s actions appeared to do the trick as shares of Adani group companies surged 3-5 per cent in trade. Talk about instant action!

While Gautam Adani’s act reminds us of Spiderman trying to halt a full-speed New York subway train from crashing, the market would still want answers about the lack of transparency surrounding its FPI shareholders.

bathes in sunshine

After months of anxiety, Bandhan Bank’s shareholders can finally fill themselves with the comfort that comes to those who bathe in the winter sun. Media reports that the Assam government may provide a relief package to microfinance borrowers instead of taking the loan waiver route have lifted a weight over Bandhan Bank’s stock. Shares of the bank spurt over 7 per cent in the session. Oh, the sheer joy!

Auto stocks have no friends
Looking at stocks of automobile companies these days fills us with pity and sympathy. They look like a child in kindergarten with whom nobody wants to be friends with because he doesn’t have the coolest lunch box. In a strong market such as today, automobile stocks were a rank underperformer. While investors are enthusiastic that consumers will throng malls, pubs and grocery stores, somehow they don’t expect consumers to buy new cars.

True, automobile makers deserve some blame for their premature excitement over pent-up demand last year, which then saw them force inventory down the throat of dealers. What followed with the second wave has surely diminished any illusions automakers had over a swift recovery for the industry. Perhaps, the sympathy we feel is a bit misplaced.

IOB and CBI may get new clothes

Investors of

and were as excited today as we are before heading to our grandmother’s home before Diwali. You only emerge richer from that situation. A media report that the government has, finally, shortlisted the two state-owned lenders for 51 per cent stake sale drove both their stocks 20 per cent higher each today.

Now, all that their investors need is actual interest from buyers or their dreams of making swift money could become a tortoise race. Just ask

’s investors. Scepticism aside, happy days ahead for IOB and CBI!

Who moved my market: Market Movers: Gautam Adani steps in to rescue Adani group stocks; IOB, CBI to get new avatar

By ariox