Big relief for Adani Group, these three stocks removed from short term ASM framework

Adani Group: Adani Group shares have seen a lot of ups and downs since the Hindenburg report came out. Meanwhile, good news has come out for the investors of Adani Group. Three stocks of Adani have been removed from the Short Term Additional Surveillance Major (ASM) by the country’s stock exchange NSE. To put it simply, after the arrival of Hindenburg, the watch which was being kept on these three companies for a short period has been removed.

This will be effective from today i.e. March 17, 2023 only. These stocks will be thrown out after 8 days under the framework. In a circular issued on Thursday, it has been said that 10 stocks will be excluded from the ASM framework, including these three stocks of Adani Group.

Which stocks will be removed from monitoring

The National Stock Exchange informed in its circular that Adani Enterprises, Adani Power, Adani Wilmar are being removed from short term surveillance. Apart from this, Kiri Industries, Tata Teleservices, Uniinfo Telecom Services, DB Realty, Pennar Industries, Focus Lighting & Fixtures and Geek Wires are included.

What will benefit the companies

After being removed from surveillance, the restrictions imposed on the business of the companies will be relaxed. Also restrictions on high margin requirement etc. will be removed. According to NSE, the applicable rate of margin will be capped at 50 per cent or existing margin whichever is higher on open positions or 100 per cent on new positions.

Why were the stocks included in this list

After the Hindenburg report, there was a huge decline in the stock of Adani Group. After this, apart from Adani Enterprises, Adani’s other two stocks Adani Power and Adani Wilmar were placed under short term surveillance.

How were these stocks of Adani yesterday?

Shares of Adani Enterprises ended marginally higher at Rs 1842.60 on the BSE, while Adani Wilmar fell 1.4 per cent to close at Rs 420.95 and Adani Power fell 1.7 per cent to close at Rs 198.75.

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