Business
IEX shares see a sharp fall today. Should you accumulate?
After the share price of the Indian Energy Exchange (IEX) surged to a record high of 956 rupees on Tuesday, the trading price on the BSE fell by more than 6% to 791 rupees per share due to plans to consider issuing bonus shares and the board of directors will be in the meeting Decide. Thursday, October 21, 2021.
“The best performing stocks in the past few days have seen a sharp correction. The fundamentals of IEX are still strong, but there are valuation concerns after the sharp rise, and there is obvious speculation, because traders can easily make money every day, so we see To technical adjustments to eliminate weak players,” said Santosh Meena, research director of Swastika Investmart Ltd.
Meena further stated that the 770, 9-DMA may provide some support, but there is a risk of moving to the 20-DMA currently located at the 687 mark. 700-650 is a good area for long-term accumulation of inventory.
IEX is India’s premier electricity exchange, facilitating electricity trade. IEX has a market share of approximately 95% in the electricity trading market.
Sumeet Bagadia, Executive Director of Choice Broking, announced the important level of IEX stock. He said: “The stock has strong support at the level of 770 rupees per share, but if it breaks the support of 770 rupees, the stock may appear new Weakness. People should avoid making new purchases over the counter and recommend that holders of IEX shares keep a strict stop loss below 770 rupees, because breaking this level will mean a new collapse of the chart.”
IEX plans to issue bonus shares, which will be considered together with quarterly earnings at the board meeting on October 21.
The company issues bonus shares for its shareholders to increase the liquidity of the stock and aims to lower its stock price so that investors can afford it. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.
News Source: Mint
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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