Green Energy Stocks Turn Red as Adani Probe Adds to Investors’ India Challenges

Bloomberg11-22

(Bloomberg) -- Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at:Adani charges hit moodGreen stocks turn redMixed signals...

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Today we look at:Adani charges hit moodGreen stocks turn redMixed signals...</p>\n\n<a href=\"https://www.bnnbloomberg.ca/investing/2024/11/22/green-energy-stocks-turn-red-as-adani-probe-adds-to-investors-india-challenges/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ISBC","symbol_name":"投资者银行","start_time":0,"source_url":"https://www.bnnbloomberg.ca/investing/2024/11/22/green-energy-stocks-turn-red-as-adani-probe-adds-to-investors-india-challenges/","article_id":"2485140484","we_media_id":null,"thumbnails":["https://www.bnnbloomberg.ca/resizer/v2/PKMBIH2D63QYWEYEN7PYD5M6WA.jpg?smart=true&auth=93b554c39e2d0e63c051f4c3cee20340b49e43c91255967029b6cb42715b03f5&width=500&height=333"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485140484","pubTimestamp":1732244261,"sourceInfo":{"source_id":"bnn_bloomberg_highlight","name":"Bloomberg"},"weMediaInfo":null,"summary":"Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at:","collect":0,"end_time":0,"defaultTopTitle":"bnnbloomberg.ca","property":[],"viewcount":null,"language":"en","relate_stocks":{"ISBC":"投资者银行","BK4211":"区域性银行"},"translate_title":"阿达尼调查加剧了投资者对印度的挑战，绿色能源股走红","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ISBC":1},"content_text":"(Bloomberg) -- Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at:Adani charges hit moodGreen stocks turn redMixed signals for housingGood morning, this is Chiranjivi Chakraborty, an equities reporter in Mumbai. Investor focus remains on the Adani Group stocks as the conglomerate continues to face bad news. Although Nifty futures point to a firm opening, there’s concern that players with exposure to Adani shares may try to make up for the losses by selling other profitable positions, adding to market losses.To read India Markets Buzz every day, follow Bloomberg India on WhatsApp. Sign up here. Adani probe adds to investors’ India challengesThe unprecedented bribery charge against the Adani Group can worsen sentiment for global investors already reallocating funds elsewhere. Renewed concerns about corporate governance add to existing challenges, including high valuations and slowing earnings growth, prompting investors to stay away from the Indian market. Foreign investors have withdrawn $14 billion from Indian equities since October.Green energy stocks turn red on Adani probeStocks of renewable energy producers and equipment makers dived on Thursday after the US indictment of Gautam Adani, alleging his involvement in a scheme to bribe officials at India’s solar energy body. Investors are now concerned that other firms in the sector may have engaged in similar practices to win contracts from the Solar Energy Corp. of India. NTPC shares tumbled 3%, while the recently listed Waaree Energies tumbled 6%. Even if these fears are overdone or unfounded, expensive valuations could deter bargain hunters from stepping in. Housing and home decor see diverging trendsHousing sales are strong, which is good news for home decor companies. However, the impact appears uneven across the sector. According to Nuvama, pipe makers are seeing strong demand from from agriculture, housing and infrastructure. Wood panel makers, too, are doing well but are hurting from high timber costs and an oversupply in the domestic market. Meanwhile, tile makers face weak export demand, prompting them to offload inventory in the local market, leading to a supply glut.  Analysts actions:Info Edge India Raised to Buy at Goldman; PT 8,600 rupeesGAIL India Raised to Buy at YES Research; PT 240 rupeesNMDC Raised to Hold at Investec; PT 220 rupeesThree great reads from Bloomberg today:India Is Abrdn’s Top Asia Bet Next Year in Search for CarryAdani Bribery Charges Add to Quebec Pension’s India NightmareBig Take: Adani Bribery Charges Plunge Empire Back Into CrisisAnd, finally.. The US prosecutors’ indictment marks an enormous setback for Gautam Adani, coming just as his businesses were recovering from last year’s damaging short-seller report by Hindenburg Research. Thursday’s slump in the group’s shares erased recent wealth gains, with Adani’s net worth sinking by as much as $15 billion, according to the Bloomberg Billionaires Index. His fortune now stands at around $72 billion, down from $84.3 billion at the end of 2023 and a June 3 peak of $122 billion.To read India Markets Buzz every day, follow Bloomberg India on WhatsApp. Sign up here.--With assistance from Alex Gabriel Simon, Advait Palepu and Kartik Goyal.©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485140484"}