tumbled 19.2% on a broader selloff in Adani Group firms, which has now swelled to $84 billion since the Hindenburg report.the government will spend 10 trillion rupees on longer-term capital expenditure in 2023/24, extending a strategy adopted to revive growth in the aftermath of the COVID crisis.
India's federal government cut down the fiscal deficit target to 5.9% of GDP in the next financial year, compared to 6.4% for the current fiscal year. "Running into the elections in little over a year, this budget implies that the government has decided to write the cheques earlier than people expected, which is a positive," said Atul Suri, chief executive at Marathon Trends PMS, and fund manager, Rare Enterprises.
Reporting by Bharath Rajeswaran and Nallur Sethuraman in Bengaluru; editing by Eileen Soreng, Savio D'Souza and Janane Venkatraman
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Indian shares fall as insurance companies drag; Adani Group stocks tumbleIndian shares reversed earlier gains to trade lower on Wednesday, led by a fall in insurance companies after the country's Union budget proposed to limit tax exemptions for insurance proceeds, while Adani Group shares tumbled.
Source: Reuters - 🏆 2. / 97 Read more »
Adani Group stocks rout deepens to $72 bln despite share sale completionMost Adani Group stocks dropped on Wednesday, extending losses to $72 billion after a short-seller report criticised the conglomerate and despite the group completing a closely watched share sale a day earlier. share sale subscribed by other corporates. retail investors stayed away from these frauds. HindenburgRes need to ask those who participated in FPO, why they paid 3200Rs for a share offer when the market price was about 2950Rs. What's the catch here?
Source: Reuters - 🏆 2. / 97 Read more »
Indian shares snap losing streak as key Adani stocks cap lossesIndian shares struggled for direction in a volatile session on Monday, ahead of the Union budget, as select Adani stocks arrested the slide after a short-seller attack on group companies triggered a sell-off over the previous two sessions
Source: Reuters - 🏆 2. / 97 Read more »
Financials lead Indian shares lower; Adani stocks, econ survey in focusIndian shares declined after a volatile opening on Tuesday, the final day of Adani Enterprises' mega secondary share sale and ahead of the country's annual pre-budget economic survey. Adani story touted heavily to catalyse broader shift from India to China. Two-fold objectives are to: (a) get weak investors to hand over bid-offer spread to market makers, and (b) to increase circulation for the financial press. Suckers will fall for it. Guaranteed.
Source: Reuters - 🏆 2. / 97 Read more »