Quote on today`s rally in Adani stocks : The high integrity of the members of the panel must have given confidence to investors Says Dr. V K Vijayakumar, Geojit Financial Services
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Below Quote on today's rally in Adani stocks from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Adani stocks had corrected hugely after the Hindenburg report. The Supreme Court expert panel in its report said that, “ at this stage, taking into account the explanations provided by SEBI, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation.”
The high integrity of the members of the panel must have given confidence to investors to buy the beaten down stocks. Some short covering also would have contributed to the rally. However, from the valuation perspective, Adani stocks are not undervalued.
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