Adani Total Gas, Adani Transmission to be put under second stage of ASM framework
2 min read 11 Mar 2023, 06:30 PM ISTThe move, which will come into effect from Monday, also comes close on the heels of the NSE putting Adani Enterprises, Adani Power and Adani Wilmar under the short-term ASM framework Stage - I from 9 March
PremiumTwo more Adani Group entities – Adani Transmission and Adani Total Gas – will be put under the second stage of the long term additional surveillance measures (ASM) framework, leading bourses National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) has said.
The move, which will come into effect from Monday, also comes close on the heels of the NSE putting Adani Enterprises, Adani Power and Adani Wilmar under the short-term ASM framework Stage - I from 9 March.
The exchanges had also put NDTV and Adani Green Energy under the long term ASM framework Stage - II.
Interestingly, on Monday, the bourses announced that Adani Enterprises, the flagship firm of Adani Group, will move out of the short-term ASM framework from 8 March.
Earlier in February, both the NSE and BSE had put three Adani Group firms under the short-term ASM framework to curb volatility induced in the counters due to an US-based short seller Hindenburg's explosive report against the empire.
The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close to close price variation and price earning ratio.
The NSE and BSE said these companies have satisfied the criteria for inclusion under long term additional surveillance measures (Long Term - ASM).
Applicable rate of margin shall be 100 per cent shall be applicable w.e.f. 15 March, 2023 on all open positions as on 14 March, 2023 and new positions created from 15 March, 2023 onwards. In addition, lower price band shall be applicable w.e.f. 13 March, 2023, according to the exchanges.
Adani Group stocks end on mixed note
On Friday, Adani group stocks ended on a mixed note amid a volatile trend in the equity markets.
"Post the GQG deal in four Adani stocks, the share prices of the group companies have mostly risen well. Worries on margin calls related selling have ebbed as promoters have used the sale proceeds to meet the margin calls," said Deepak Jasani, Head of Retail Research at HDFC Securities.
Adani Enterprises' shares tumbled 2.90 per cent to settle at ₹1,896.45 on the BSE. Its market valuation dipped by ₹6,458.11 crore to ₹2.16 lakh crore.
The stock of NDTV plunged 4.90 per cent to close at ₹233.75, Adani Wilmar shed 4.47 per cent to settle at ₹453.30, and Ambuja Cements nosedived 1.66 per cent to end at ₹378.35.
ACC declined 0.70 per cent to settle at ₹1,847.15.
Adani Transmission settled at ₹903.85, Adani Green Energy at ₹683.05 and Adani Total Gas at ₹950.15. Shares of these companies climbed 5 per cent each and hit their upper price bands.
In addition, Adani Power surged 4.69 per cent to settle at ₹205.25 and Adani Ports and Special Economic Zone (APSEZ) rose 0.09 per cent to close at ₹697.85 on BSE.
"The Adani Group stocks (including Ambuja, ACC and NDTV) have recovered around ₹1.7 lakh crore or about 23 per cent of their combined market cap since 1 March till today," Manish Chowdhury, Head of Research at Stoxbox, stated.
