Adani shares slide sharply amid reports of US probe; group denies wrongdoing
CHENNAI: Shares of Adani Group companies experienced a notable decline on Tuesday (June 3) amid reports that US prosecutors are investigating whether the conglomerate imported Iranian liquefied petroleum gas (LPG) into India through its Mundra port in Gujarat. The Wall Street Journal's report yesterday suggested that some LPG tankers associated with Adani entities may have employed tactics such as AIS spoofing to conceal their origins, potentially violating US sanctions.
AIS spoofing involves the deliberate manipulation of automatic identification system (AIS) data to deceive maritime vessels, or monitoring systems.
In response, the Adani Group issued a statement labeling the allegations as "baseless and mischievous," asserting that none of its ports process Iranian cargo and denying any knowledge of an ongoing US investigation.
Despite the group's denials, investor sentiment was affected, leading to declines in the stock prices of several Adani Group companies. Adani Enterprises fell by 2.2 percent, while Adani Ports dropped 2.5 percent. Other entities, including Adani Total Gas, Adani Power, Adani Green, and Adani Energy Solutions, saw declines ranging from 1 percent to 2 percent. The benchmark Nifty 50 index also experienced a slight dip of 0.4 percent.
This development adds to the challenges faced by the Adani Group, which has previously been under scrutiny following allegations of bribery and fraud related to solar energy contracts. The group's international securities have also been impacted, with dollar-denominated bonds experiencing sharp declines.
As the investigation progresses, market participants will be closely monitoring any further developments that could influence the Adani Group's financial standing and reputation.
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Mint
an hour ago
- Mint
Best stocks to buy today: Expert Raja Venkatraman's recommendations for 5 June
The constant turbulence held its grip on the markets as there was no clarity on the indices. The stock-specific action that we are noticing now has stepped up, leading to the trading-oriented behaviour. The market scenario clearly indicates that the investors are still waiting on the sidelines. Here are three stocks to buy or sell as recommended by Raja Venkatraman of NeoTrader: Rail Vikas Nigam Ltd (RVNL): Buy CMP and dips to ₹405 | Stop ₹390 | Target ₹470-485 Indoco Remedies Ltd: Buy CMP and dips to ₹264 | Stop ₹258 | Target ₹315-340 Gujarat State Fertilizers & Chemicls Ltd (GSFC): Buy above 215 and dips to ₹200 | Stop ₹195 | Target ₹240-260 Stock market recap Indian benchmark indices reversed a three-day decline and closed in the green, with the Nifty 50 climbing above 24,600. Global market positivity and widespread sectoral buying, except in realty, propelled the rally. At market close, the Sensex gained 260.74 points (a 0.32% increase) to finish at 80,998.25, while the Nifty 50 added 77.70 points (also up 0.32%) to reach 24,620.20. Among the biggest performers on the Nifty were Eternal, Jio Financial, Bharti Airtel, IndusInd Bank, and Reliance Industries. In contrast, stocks such as Trent, Bajaj Finserv, Shriram Finance, TCS, and Axis Bank lagged, registering losses. The BSE Midcap and Smallcap indices each appreciated by 0.5%. In the US, stock indices ended Tuesday on a positive note, bolstered by gains from Nvidia and other semiconductor firms, as investors awaited further clarity on Washington's tariff strategies amid negotiations with its trading partners. Also Read: Russia-Ukraine war escalation: Impact on the Indian stock market Asian equities also closed higher, led by a surge in technology shares, while European markets fared well, with both the CAC and DAX indices advancing by nearly 1% each. Outlook for trading The Nifty has been weaker in comparison, and the sustained bearish pressure seen on every rally indicates that it is inclined for some downward bias as the trends are unable to head higher. While sector rotation is happening, we are reaching a point where the indices have become divergent. HDFC Bank has been under a great deal of stress, and despite some decent numbers, the stock has not affected the market condition. As we have been discussing, the trends were expected to head into the upper end of the value resistance zone as the indicators were tiring out. The rise witnessed in Nifty Bank has suddenly formed a rounding pattern and is treading higher, attempting to hold on to the bearish pressure that is emerging at higher levels. However, due to a lack of triggers, we are witnessing a ranging action that could keep the trends from recovering swiftly. A look at the NiftyBank indicates that until 54,000 is given away, bulls will attempt to rebound. The Nifty Bank is a sector that should be tracked. Until 56,000 is exceeded, we can look at stock-specific action where there are divergent views that have been displayed across all the component stocks. PSU Banks are having it rough, and the continued positive vibes being exhibited shall make it difficult for the Nifty Bank to recover. This, in turn, will spill over to the other sectors like auto, realty and finance. Despite marketson Wednesday showing some signs of a recovery, the inability of the Nifty Bank to clear the 56,000 mark seems limited ahead of the event. Till then, this index holds the key for some trends to emerge. We continue to maintain that the levels to be broken on the downside will remain at 24,500. Until this is achieved, we should remain alert about any selling pressure that can emerge at higher levels. Now, we need to see the Nifty move above 24,800, which is the immediate resistancefor some bullish revival. With the Open Interest data clearly indicating a revival, one should keep tracking a 30-minute range breakout on Thursday for creating some long. As indices are not showing much decline, one should look to encash some stock-specific action. Three stocks to trade, recommended by NeoTrader's Raja Venkatraman: RVNL (Cmp 429.95) Why it's recommended: Railway stocks had some undercurrent in the last few days, and this counter had a challenging task until the fortunes turned around in May 2025. From the charts, we can observe that the strong upside was reinforced on Wednesday. Currently, there is a strong push above the value resistance zone around 420. Post surpassing this level, the rise in momentum supported by steady volumes is highlighting the possibility of more upward traction. Key metrics: P/E: 75.45 | 52-week high: ₹647 | Volume: 41.13M. Technical analysis: Support at ₹320, resistance at ₹550. Risk factors: Market volatility and sector-wide fluctuations in geopolitical news could impact returns. Buy at: CMP and dips to ₹405. Target price: ₹470-485 in 1 month. Stop loss: ₹390. Also Read: Analysts and investors have soured on Asian Paints. Can it prove them wrong? INDOCO (Cmp 283.75) Why it's recommended: Indoco Remedies Ltd has secured final approval from the USFDA for its Abbreviated New Drug Application (ANDA) for Allopurinol Tablets USP, 200 mg. After a strong consolidation seen in the last few months, the stock is showing some encouraging signs and can look to move higher as trends demonstrate a strong upward drive. Investors can look to go long. Key metrics: 52-week high: ₹385.75 | Volume: 119.49K. Technical analysis: Support at ₹215, resistance at ₹350. Risk factors: Structural issues on the domestic front and regulatory setbacks on the export front. Buy at: CMP and dips to ₹264. Target price: ₹315-340 in 1 month. Stop loss: ₹258. Also Read: These five private banks in India have the lowest NPAs. Should you invest? GSFC (Cmp 212.19) Why it's recommended: With monsoon appearing early, we can look at the trends emerging that can stage a strong run in the fertiliser stocks. As this sector picks up, we can look at some notable names that are showing some promise. This counter, after the initial build-up, is seen building some strong push to the upside. As the potential to generate upward momentum improves, one can consider some long-term. Key metrics: P/E: 14.74 | 52-week high: ₹274.50 | Volume: 6.31 M. Technical analysis: Support at ₹175, resistance at ₹320. Risk factors: Sluggish growth, negative quarterly results, and reduced institutional investor participation. Buy at: above 215 and dips to ₹200. Target price: ₹240-260 in 1 month. Stop loss: ₹195. Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223. Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
an hour ago
- Mint
Three stocks to buy today, as recommended by Ankush Bajaj
On Wednesday, 4 June, the Indian stock market opened with a minor gap-up and traded sideways for most of the session. The Nifty 50 struggled to cross the 24,500 mark, which acted as a strong intraday resistance. Despite multiple attempts, the market lacked momentum and stayed range-bound throughout the day. However, select buying in key stocks helped indices close in the green. The Nifty 50 ended 77.70 points higher, up 0.32%, to close at 24,620.20. The BSE Sensex also added 260.74 points or 0.32%, finishing at 80,998.25. Bank Nifty outperformed slightly, gaining 76.90 points or 0.14%, settling at 55,676.85. On to the top three stocks to buy today, as recommended by Ankush Bajaj. Why Nava is recommended: The stock has recently given a reverse head and shoulders breakout on the daily chart, indicating a bullish reversal. On the lower time frame, the stock is also poised to give a falling wedge breakout on the upside, suggesting strong momentum and potential continuation towards higher targets. Key metrics: Resistance level: ₹ 565-572 (short-term target range); support level: ₹ 515 (pattern invalidation level) Pattern: Reverse head and shoulders breakout with falling wedge setup on lower time frames RSI: Trending bullish on both daily and intraday charts, signaling strength in the ongoing move Technical analysis: Nava Ltd is trading with positive bias and has confirmed a bullish breakout pattern. The current price action near ₹ 529.80, supported by strong RSI and potential falling wedge breakout, suggests the stock could test the ₹ 565-572 zone in the coming sessions if it sustains above the breakout level. Risk factors: A breakdown below ₹ 515 could invalidate the bullish setup and attract profit booking. Any sharp correction in the midcap segment or broader indices may impact the expected move. Target price: ₹ 565-572 in 4-5 days Why Zen Technologies is recommended: The ZENTEC stock is showing strong bullish structure and is sustaining above key support levels with steady buying interest. Recent price action suggests momentum buildup, and the stock is well-positioned to continue its upward trajectory towards higher resistance zones. Key metrics: Resistance level: ₹ 2,340-2,360 (short-term target range); support level: ₹ 2,179 (pattern invalidation level) Pattern: Bullish continuation with price holding above breakout support RSI: Trending bullish on both daily and intraday charts, indicating sustained strength Technical analysis: ZENTEC is trading with a positive bias and has maintained its uptrend with higher highs and higher lows. The current price action near ₹ 2,229.60, backed by bullish RSI signals and consistent volume support, suggests that the stock could test the ₹ 2,340-2,360 zone in the coming sessions if it holds above the support. Risk factors: A breakdown below ₹ 2,179 could invalidate the bullish setup and trigger profit booking. Any broader market weakness or sectoral rotation may also influence short-term price movement. Target price: ₹ 2,340-2,360 in 4-5 days Why Radico Khaitan is recommended: The stock exhibits strong bullish momentum with sustained buying interest after a recent consolidation. Price structure shows strength as it trades near recent highs, supported by volume expansion, indicating potential for further upside towards key resistance levels. Key metrics: Resistance level: ₹ 2,835 (short-term target); support level: ₹ 2,634 (pattern invalidation level) Pattern: Bullish continuation after consolidation with volume confirmation RSI: Trending bullish on both daily and intraday charts, signaling ongoing strength Technical analysis: Radico Khaitan is trading with a positive bias, having recently broken above short-term resistance. The current price action near ₹ 2,723.40, supported by bullish RSI and healthy volume, suggests the stock could move towards ₹ 2,835 in the coming sessions if it sustains above the breakout zone. Risk factors: A breakdown below ₹ 2,634 could invalidate the bullish setup and lead to near-term weakness. Broader market volatility or profit booking at higher levels may affect price action. Target price: ₹ 2,835 in 4-5 days The oil and gas sector was the top performer on Wednesday, rising 0.67%, reflecting buying interest in energy names. The infrastructure index followed closely, up 0.65%, while the metal index gained 0.60%. On the downside, the realty sector was the only significant laggard, slipping by 0.70%. On the stock-specific front, Eternal led the gainers with a 3.36% rise, followed by Jio Finance, which gained 2.27%, and Bharti Airtel, up 1.85%. Meanwhile, Bajaj Finance fell 1.80%, Trent lost 1.49%, and Shriram Finance declined 1.09%, making them the top losers of the session. The Nifty witnessed another day of range-bound action but managed to close in the green, ending 77.70 points higher at 24,620.20, up 0.32%. Despite trading within a narrow band, the index saw a recovery from lower levels and formed an inside candle on the daily chart, signaling indecision and continuation of the consolidation phase. This marks the 12th consecutive session where Nifty has remained trapped between 24,500 and 25,100, with no clear breakout in sight. (TradingView) On the technical front, Nifty has managed to close just above its 20-hour moving average, which is placed at 24,618, while still trading below the 40-hour exponential moving average at 24,674, indicating mild short-term pressure. On the daily chart, the index remains below the 20-day moving average at 24,724, but comfortably above the 40-day exponential moving average placed at 24,324, which keeps the broader trend neutral to positive. The momentum indicators remain flat near the midline, suggesting the ongoing consolidation could eventually lead to a directional breakout, but there's no strong signal yet. (TradingView) From the derivatives perspective, the data remains expiry-centric. Nifty futures OI data shows maximum Call OI build-up at the 25,500 strike, indicating strong resistance overhead, while the maximum Put OI is placed at 24,600, which also aligns with the current spot level and the max pain zone. This sets up 24,600 as a critical expiry pivot. The Put-Call Ratio stands at 0.60, reflecting a bearish bias in the overall OI structure. However, the change in OI suggests some optimism. Total Call OI stands at 21.54 Cr against 13.03 Cr on the Put side, giving a negative differential of -8.51 Cr, but today's change shows 1.52 Cr added in Puts and 1.63 Cr unwound from Calls, resulting in a positive shift of +3.15 Cr — indicating that traders may be defending the 24,600 level into expiry. Notably, both the highest Put OI and highest Put OI addition have occurred at the 24,600 strike, suggesting expiry pinning around this level. India VIX dropped 6.33% to close at 14.94, indicating reduced volatility expectations going into the weekly expiry. This drop in implied volatility, combined with the Put writing at 24,600 and the alignment of max pain at the same level, supports a thesis for a range-bound expiry, likely between 24,550 and 24,700 unless triggered by external factors. In summary, the index remains in a sideways phase with immediate resistance at 24,700–24,750 and strong support at 24,600–24,500. A move outside this band could trigger sharp expiry-day moves. Until then, short straddles or strangles around the 24,600 strike with tight risk controls can be considered. Watch for intraday triggers above 24,700 or below 24,500 for expiry-specific directional opportunities. Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441. Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Indian Express
3 hours ago
- Indian Express
Kidnapped in Iran on way to Australia, three Punjab men rescued: Embassy
Three men from Punjab, who had left for Australia on the promise of jobs by travel agents but found themselves in Iran and were later 'kidnapped' there, have been rescued, the Embassy of India in Iran Wednesday said. 'The three kidnapped Indian citizens have been safely rescued & are now under the care of the Embassy of India, which is facilitating their early repatriation. We sincerely thank the Government of Iran for their swift and effective efforts in securing their release. Your support reflects the true spirit of friendship between our two nations,' the Embassy of India in Iran posted on X. Amritpal Singh (23) from Bhagowal village in Hoshiarpur, Husanpreet Singh (27) of Dhuri in Sangrur and Jaspal Singh (32) of Langroya in Shaheed Bhagat Singh Nagar — all in Punjab — were 'freed in a police operation against the hostage takers in Varamin in south Tehran,' Iran's Tasnim news agency reported Tuesday. All three had left for Australia in April with work visas after being promised lucrative jobs there by the travel agents back home in Punjab. They ended up in Iran where they were allegedly kidnapped by a network of travel agents from Pakistan who then demanded a ransom of Rs 18 lakh each for their release. The respective families received phone calls from the three men Tuesday evening, soon after the Iranian embassy in New Delhi, citing local media in Iran, said that the 'missing Indian citizens have been freed by Tehran police'. Husanpreet's cousin Manpreet Singh told the Indian Express that he received a call from an Iranian number at around 6 pm Tuesday. 'It was Husanpreet. He only said, 'We are safe now. Indian authorities have rescued us and we are now being taken to the embassy'. Before I could ask anything, the line went dead. Now, at least we know that he is alive,' said Manpreet.
