Equity benchmark indices settled marginally lower in highly volatile trade on Monday as gains in private banks helped to recover some of the early losses following the allegations against SEBI chief Madhabi Puri Buch and her husband Dhaval Buch by the US short-seller Hindenburg Research.
The BSE Sensex fell 56.99 points or 0.07 per cent to settle at 79,648.92. The NSE Nifty slipped 20.50 points or 0.08 per cent to close at 24,347.
On Saturday, Hindenburg Research claimed that SEBI chairperson Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Gautam Adani’s elder brother Vinod Adani to round-trip funds and inflate stock prices.
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Buch and her husband issued a statement calling Hindenburg's latest report an attack on the credibility of SEBI and attempted "character assassination".
Adani Group on Sunday called Hindenburg's allegations as malicious and manipulative presentation of select public information, saying it has no commercial relationship with the SEBI chairperson or her husband.
"The Indian market concluded relatively flat, with its initial path being eclipsed by continuation of the Adani-Hindenburg-SEBI saga. However, the market tried to brush away these noises, taking positive cues from global markets,” said Vinod Nair, head of research at Geojit Financial Services.
“Moreover, the domestic market is anticipating ease in CPI inflation, which is going to be further supported by a good monsoon. Yet, the upside risk remains, given firm oil prices and volatility in food inflation," he added.
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Here are the key stocks to watch on August 13:
Vodafone Idea: The telecom major said it losses for the April-June quarter of FY25 narrowed to Rs 6,432 crore compared to Rs 7,840 crore in the year-ago period. The revenue fell 1.3 per cent year-on-year to Rs 10,508.3 crore in the reported quarter. The company said it is in the midst of expanding 4G coverage and capacity and launching 5G services post the recent fundraising.
JSW Steel: The company board has approved a proposal to acquire up to 66.67 per cent economic interest in Australian company M Res NSW HCC Pty Ltd through subscription to non-voting Class B shares for $120 million. The investment would be made through its wholly-owned subsidiary JSW Steel (Netherlands) BV, the steel major said in an exchange filing. The terms of the investment require the company to further invest $50 million in M Res NSW to fund its obligation towards the deferred consideration payable in 2030.
ONGC: The government has approved a 20 per cent premium over the regulated AMP price for any natural gas that ONGC will produce for new wells, the company said.
RCF: The company reported an 84 per cent decline in net profit for the June 2024 quarter at Rs 10.8 crore as against Rs 68 crore in the year-ago period. Revenue increased by 8.7 per cent to Rs 4,396 crore compared to Rs 4,043 crore. However, EBITDA fell 10.4 per cent to 115.8 crore, with a margin of 2.5 per cent, down from 3.2 per cent in year-ago period.
Campus Activewear: The company reported a 19.4 per cent decline in net profit for the June quarter to Rs 25.4 crore compared to Rs 31.5 crore in the year-ago period. Revenue fell 4.1 per cent to Rs 339.2 crore, compared to Rs 353.8 crore in the corresponding quarter of previous fiscal.
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(With inputs from PTI)
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